1. The Product Life Cycle: Four major Stages of the Product Life Cycle are:

• Introduction,
• Growth,
• Maturity,
• and Decline

2. Niche markets are usually developed during the Maturity stage.

Give four reasons for this phenomenon.

Explain each reason, and provide an example to illustrate your points.

Provide a description of the 8 steps in the New Product Planning and Development Process.

Provide an explanation of the value of each step in the overall development process.