Usually, during the stage of the product life cycle, the typical consumers are early adopters, and there are increases in the number of competitors.
Question
Usually, during the stage of the product life cycle, the typical consumers are early adopters, and there are increases in the number of competitors.
Solution
The stage of the product life cycle that you're referring to is the "Growth" stage. Here's the step by step explanation:
-
Introduction Stage: This is when the product is first launched after development and testing. The typical consumers in this stage are known as innovators. The number of competitors is usually low as the product is new to the market.
-
Growth Stage: This is the stage you're referring to. After the product has been accepted by the innovators, early adopters start to use the product. These are people who start using the product once they see others using and benefiting from it. The number of competitors starts to increase in this stage as other companies start to notice the product's success and try to get a share of the market.
-
Maturity Stage: At this point, the product has reached its peak. The typical consumers are the early majority and the late majority. The number of competitors is high as many companies are now in the market with their versions of the product.
-
Decline Stage: This is when the product starts to see a decrease in consumer interest and sales. The typical consumers at this stage are the laggards, who are the last to adopt a new product. The number of competitors starts to decrease as companies start to phase out the product.
Similar Questions
Early are the category of consumers who begin to use a product or service immediately following innovators. (Remember to type only one word in the blank.)
Which stage of the product life cycle is characterized by rapid market acceptance and increasing sales?OPTIONS Introduction Growth Maturity Decline
Diffusion of innovation suggests that all consumers rush to buy a product when it is introduced. True False
Advertising plays a major role in the introduction stage of the product life cycle to create awareness. True False
A good or service may pass through many stages as it establishes itself in the marketplace. Marketing managers refer to this as the product cycle.
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.