As firms introduce new products at a faster rate,what tends to happen to existing products in the product mix?
A)The price of existing products tends to go up.
B)Existing products enter the maturity and decline stages more quickly.
C)Product life cycles become much slower.
D)Production costs for existing products tend to go down.
E)Existing products enter the maturity and decline stages more slowly.

Question

Quizplus · Accepted Answer

As firms introduce new products at a faster rate, existing products tend to enter the maturity and decline stages more quickly. This is because the lifecycle of products is getting shorter due to increased competition and quick adoption of new technologies by consumers. Therefore, firms need to constantly innovate and refresh their product mix to stay competitive, which leads to older products becoming outdated more quickly.

As Firms Introduce New Products at a Faster Rate,what Tends