The product life cycle concept means that small businesses must:
A)constantly be involved in product innovation.
B)track demographic and psychographic trends carefully.
C)create both place and time utility if they are to survive.
D)use a market penetration strategy if they are to be successful.

Question

Quizplus · Accepted Answer

The product life cycle concept emphasizes that products have a limited lifespan, and businesses must innovate to keep their products relevant and competitive as they move through the stages of introduction, growth, maturity, and decline. In order to survive and thrive, small businesses must constantly be involved in product innovation to meet changing customer needs and preferences.

The Product Life Cycle Concept Means That Small Businesses Must