Each Product Will Have a Life Cycle, Although Its Exact

question 54

Essay

Each product will have a life cycle, although its exact shape and length is not known in advance. Briefly explain each step in the product life cycle.

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Definitions:

Need to Belong

An inherent human need to form and maintain strong, stable interpersonal relationships.

Familiarity Principle

The psychological phenomenon where people tend to develop a preference for things merely because they are familiar with them.

Delay Gratification

The strength to forego an immediate payoff for the sake of a more substantial reward at a later time.

Achievement Motivation

The drive to excel, achieve in relation to a set of standards, or pursue success in tasks.