Question: Which statement best explains the product life cycle? Multiple Choice the time in which firms hire an outside firm to help generate ideas and develop

Which statement best explains the product life cycle?

Multiple Choice

the time in which firms hire an outside firm to help generate ideas and develop new products and services

the process by which the use of an innovation spreads throughout a market group over time and over various categories of adopters

the length of time a product exists in the marketplace before the market becomes saturated

the process in which a product is analyzed and improved so that it does not infringe on the competitor's patents

the stages that products move through as they enter, get established in, and ultimately leave the marketplace

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