DECA Marketing Cluster Practice Exam

Which stage of the Product Life-Cycle involves the launch of a new product?

1. Growth

2. Maturity

3. Decline

4. Introduction

The correct answer is: Introduction

The stage that involves the launch of a new product is the introduction phase. This is the first stage of the Product Life Cycle where the product is made available to consumers for the very first time. In this stage, efforts are focused on building product awareness and developing a market for the product. Marketing strategies during this phase often involve promotional activities aimed at informing potential customers, improving product visibility, and generating initial sales. During the introduction stage, a significant emphasis is placed on educating the market about the product's features and benefits, as it is likely to be new and unfamiliar to consumers. Companies typically invest heavily in marketing and may face challenges related to production and distribution as they ramp up to meet demand. The introduction phase sets the foundation for the subsequent stages of growth, maturity, and ultimately decline that the product may experience as it continues through its lifecycle.