What consists of the stages a product passes through, including introduction, growth, maturity, and decline?

The correct answer is the Product Life Cycle, which is a fundamental concept in marketing that describes the progression of a product through various stages from its introduction to the market until its eventual decline.

The stages included in the Product Life Cycle are introduction, where a new product is launched and awareness is built; growth, marked by increasing sales and market acceptance; maturity, when sales peak and market saturation occurs; and decline, when sales decrease as the product becomes obsolete or loses popularity. Understanding these stages helps businesses make strategic decisions regarding marketing, production, and investment at each point in the lifecycle.

In contrast, product differentiation refers to the process of distinguishing a product from its competitors to appeal to a specific market segment, which does not encompass the lifecycle concept. A product line consists of a group of related products under a single brand, focusing on variations rather than the lifecycle stages. Market Life Cycle is not a widely recognized term in business studies, as the focus is typically on the Product Life Cycle to illustrate the life stages of an individual product rather than the entire market.