Question

In which product life cycle stage must companies focus on educating potential customers about the advantages of a new product concept?

Answer 1

The correct answer is MARKET INTRODUCTION STAGE. A typical product has five life cycle stages and introduction stage is the number two. At this stage the company build awareness about its product in the market, sale is often slow and difficult and the company has to spend money on advertisement in order to educate the consumers.  The five stages are: product development, introduction, growth, maturity and decline stage.