Markets are similar to products with respect to life-cycle concepts. Which of the following stages in a market's life cycle is most similar to the product life cycle's introduction stage?

Question

Quizplus · Accepted Answer

The emergence stage in a market's life cycle is most similar to the product life cycle's introduction stage because it represents the start or the birth of a new market. In this stage, there is a lot of uncertainty and lack of awareness among consumers, and companies are trying to establish themselves in the market. Similarly, in the introduction stage of a product life cycle, there is a need to create awareness and persuade customers to try out the product. Both stages require high levels of investment in marketing and research & development to establish a foothold in the market.

Markets Are Similar to Products with Respect to Life-Cycle Concepts