Which of the following statements best describes the introduction stage of a product's life cycle?
A)New products enter the market that cause demand to fall.
B)Product innovation is much more important than process innovation.
C)The increasing market growth leads to a decrease in competitive rivalry.
D)A standard emerges that signals the market's agreement on a common set of engineering and design features.

Question

Quizplus · Accepted Answer

During the introduction stage of a product's life cycle, product innovation is crucial as companies aim to develop and introduce new products to the market. This stage focuses on creating demand and awareness for the new product, distinguishing it from competitors primarily through its unique features and benefits.

Which of the Following Statements Best Describes the Introduction Stage