Because firms must be developing new products all the time, which of the following statements is true?
A) Competitors are likely to rapidly introduce product improvements in the market growth stage.
B) The developed economies experience technological advances quicker than the less-developed economies.
C) Although the life of different products varies, product life cycles are getting shorter.
D) One new invention may make possible many new products to replace old ones.
E) All of these statements are true.

Question

Quizplus · Accepted Answer

- A) Competitors may introduce product improvements in the market growth stage as they see potential and demand for the product.
- B) Developed economies have better access to resources and advanced technology, allowing them to develop and introduce new products faster.
- C) With advancements in technology, new products are constantly being developed, which may lead to shorter product life cycles.
- D) A single invention can lead to the development of numerous new and improved products.
Therefore, all of the given statements are true.

Because Firms Must Be Developing New Products All the Time