Finland-based Rapala VMC Corp.is the world's largest fishing lure manufacturer.It developed its first fishing lure-a cigar-shaped minnow-in 1962.The annual market for fishing lures in terms of retail sales is approximately $600 million.Rapala VMC garnered one-third of that amount in 2003.New lures must be introduced each year in order to stay competitive in this industry.Like other lure manufacturers,Rapala focuses on two questions in developing and making new lures: Does it work,and does it look good? Developing a new lure takes two or three years and involves extensive field testing by tournament professionals and fishing guides.At the annual fishing industry trade show in 2003,Rapala unveiled the "dream lure for the 21st century."
-Refer to Rapala.Fishing lures are most likely in which stage of their product life cycle?
A) innovation
B) growth
C) maturity
D) decline

Question

Quizplus · Accepted Answer

The fishing lure industry has been in existence for a long time and has reached maturity. The fact that new lures must be introduced every year to stay competitive confirms that the industry is not in the innovation stage. There is no evidence of the industry being in decline or experiencing rapid growth, indicating that the industry has reached a stable state of maturity. Therefore, fishing lures are most likely in the maturity stage of their product life cycle.

Finland-Based Rapala VMC Corp