Which of the following are stages of the product life cycle?

The selected answer accurately identifies the stages of the product life cycle as Development, Introduction, Growth, Maturity, and Decline. This framework describes the progression of a product from its initial conception through its eventual decline in the marketplace.

The stages represent a natural progression that many products experience. During the Development stage, the product is conceived and created but not yet available for sale. The Introduction stage follows, where the product is launched into the market, often accompanied by marketing efforts to promote awareness. Growth occurs when the product gains traction in the market, leading to increased sales and market acceptance. Maturity is characterized by peak sales as market saturation is reached, and competition becomes more intense. Finally, the Decline stage marks a decrease in sales, which may lead to the product being phased out or discontinued.

This lifecycle model helps marketers understand how to strategize their approach at each phase, adapting pricing, marketing efforts, and product improvements to align with the market's response throughout each stage. Other options do not reflect the widely accepted stages of the product life cycle, focusing instead on processes or stages that do not correspond to the product evolution framework.