Product obsolescence characterizes the decline stage of the traditional product life cycle.

Question

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Product obsolescence is a commonly observed characteristic of the decline stage of the traditional product life cycle. During this stage, market demand for the product dwindles as newer, more innovative products are introduced, rendering the older product obsolete. As a result, sales and profits decline, and the product eventually reaches the end of its life cycle.

Product Obsolescence Characterizes the Decline Stage of the Traditional Product