Certified Management Accountant Practice Exam 2025 – The Comprehensive All-in-One Guide to Exam Success!

In the context of the product life cycle, the phases typically include Introduction, Growth, Maturity, and Decline. Each of these stages represents a different level of market acceptance, sales performance, and competition for a product.

The Introduction phase is when a product is launched into the market, and efforts are made to build awareness. During the Growth phase, sales begin to increase, and the product gains market acceptance. The Maturity phase occurs when sales peak and market saturation is reached, leading to increased competition and potentially price reductions.

The term "Evaluation" does not correspond to any recognized stage of the product life cycle. While evaluation can certainly be a part of the overall product management process—especially in terms of assessing performance or deciding on future strategies—it is not a standalone phase that characterizes the progression of a product in the market.

Recognizing the standard phases helps in understanding the strategies required at each stage and how to effectively manage product portfolios throughout their life spans.