What are the three stages of the Product Life Cycle?

The correct identification of the three stages of the Product Life Cycle is pivotal for understanding how products evolve in the market over time. The Product Life Cycle typically comprises the Introduction, Growth, and Decline stages.

In the Introduction stage, a product is launched into the market, and awareness is built. During the Growth stage, sales begin to increase as the product gains acceptance among consumers. Finally, in the Decline stage, the product experiences a decrease in sales and market interest, often leading to its eventual withdrawal from the market.

The other options do not accurately represent the recognized stages of the Product Life Cycle. "New, Maturing, Standardized" and "Development, Maturation, Obsolescence" focus on different aspects of a product's lifecycle or suggest alternative terminology that does not align with the commonly accepted framework. Similarly, "Innovative, Competitive, Saturated" describes market conditions rather than stages of a product's evolution. Understanding the standard stages helps businesses strategize effectively at each phase of a product's market presence.