What are the four stages in the product life cycle?

The correct answer identifies the four stages in the product life cycle as introduction, growth, maturity, and decline. Each stage represents a distinct phase in a product's journey through the market.

In the introduction stage, the product is launched, and marketing efforts focus on building awareness and encouraging consumer adoption. Sales grow slowly as customers become acquainted with the new offering.

During the growth stage, the product gains traction in the market. Sales increase rapidly as more consumers become aware of and start to purchase the product. This phase often includes efforts to enhance distribution channels and improve the product based on customer feedback.

The maturity stage occurs when sales growth starts to slow down and eventually stabilizes. At this point, the market becomes saturated with the product, and competition intensifies. Companies often focus on differentiating their products or finding new markets.

Finally, the decline stage marks a drop in sales as consumer preferences change, new alternatives emerge, or the market reaches saturation. Companies must decide whether to phase out the product, rejuvenate it, or find ways to extend its lifespan.

The other choices miss key elements of the product life cycle. For instance, suggesting stages such as saturation or peak does not accurately reflect the conventional understanding; instead, decline is the appropriate concluding phase.