Answer :
Because the product life cycle is an inevitability in most markets, a firm must have an active new-product development process or otherwise risk going out of business.
A product life cycle includes the stages from when a product is introduced to the market until it leaves the market. The product life cycle consists of four phases introduction growth maturity, and decline. Many products are still in an extended state of maturity. Together, these companies seek to reduce the intensity of competition in their industry and preserve profits by adopting strategies that prevent new competitors from entering the industry.
They also develop strategies to become dominant players and reduce competition. The growth phase of the product lifecycle is characterized by increased competition, dramatic sales growth, and an expanding distribution supply chain. During the growth phase, competition is fierce as competitors develop similar products and bring them to market.
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