IB Design Technology Practice Exam

The product cycle specifically outlines the journey that a product undergoes from its introduction into the market through its various stages of growth, maturity, and eventually to its discontinuation. This cycle is vital for businesses to understand as it helps them manage marketing strategies, production, and resource allocation effectively throughout the product's life.

The introduction phase involves launching the product, followed by growth as it gains market acceptance. As the product reaches maturity, sales stabilize, and competition may increase, leading to a potential decline phase where sales eventually decrease, prompting decisions regarding discontinuation. Understanding these stages allows companies to adapt their strategies, meet consumer demands, and evaluate when to retire products that are no longer profitable or relevant.

In contrast, other options focus on specific aspects not directly related to the comprehensive trajectory of a product from introduction to discontinuation, such as marketing or distribution methods, which don't encapsulate the entire lifecycle of a product. Likewise, lifecycle cost analysis pertains to the financial aspects of a product but does not reflect the chronological phases through which a product passes in the market.