During the _________ stage of the product cycle,the product is nonstandardized,costs of production are very high,and price elasticity of demand is very low.
A)new product
B)maturing product
C)standardized product
D)innovating
E)decline

Question

Quizplus · Accepted Answer

The new product stage is characterized by high costs of production, nonstandardization, and low price elasticity of demand since consumers are not yet familiar with the product and may not see its value yet. As a result, companies must invest heavily in marketing and promotion to create awareness and generate interest.

During the _________ Stage of the Product Cycle,the Product Is