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An information technology specialist specifies the type of plug-in (software programs that extend the capabilities of web browsers to give customers the opportunity to watch a video or hear audio) to be used on her company's new website. She also chooses the
Supplier who receives the contract to provide the software. In the buying centre, this person is the:
Product Life Cycle
A concept that describes the stages a product goes through from its introduction to the market through its growth, maturity, and eventual decline.
Introduction Stage
The first phase in a product's lifecycle, characterized by initial market entry, low sales, and efforts to build product awareness among consumers.
Intended Target Market
The specific group of consumers a company aims to reach and serve with its products, services, and marketing efforts.
Product Life Cycle
The stages a product goes through from its introduction to the market until its decline and eventual withdrawal.
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