Pfizer Corp.is introducing a truly new product idea.Pfizer is spending a lot of money to inform potential customers and intermediaries about the availability and advantages of the new product.Although sales are rising slowly,Pfizer doesn't expect the product to become profitable for at least another year.Pfizer's new product is in which stage of the product life cycle?
A) Market introduction
B) Sales decline
C) Market development
D) Market growth
E) Market maturity

Question

Quizplus · Accepted Answer

In the market introduction stage, a firm spends a lot of money on informative promotion, to tell potential customers about the advantages and uses of the new product concept. Although sales are low at this stage, Pfizer invests money in the hope of future profits.