DECA Sports and Entertainment Marketing Practice Exam

Which stages are included in the Product Life Cycle?

1. Conception, Development, Marketing, Decline

2. Introduction, Growth, Maturity, Decline

3. Innovation, Acceptance, Saturation, End of Life

4. Launch, Growth, Peak, Drop

The correct answer is: Introduction, Growth, Maturity, Decline

The correct selection clearly identifies the stages typically recognized in the Product Life Cycle, which are Introduction, Growth, Maturity, and Decline. During the Introduction stage, a product is launched into the market, and efforts are focused on building awareness and generating interest. Following this, in the Growth stage, sales begin to increase as the product gains traction among consumers, often leading to heightened marketing efforts and distribution expansion. The Maturity stage occurs when the product reaches its peak market penetration, resulting in stable sales figures but increased competition. Finally, the Decline stage marks the period when sales begin to decrease, often due to market saturation, shifts in consumer preferences, or the introduction of substitute products. This structured approach helps marketers understand the product's lifecycle and make informed decisions regarding marketing strategies, resource allocation, and product management at each stage.