Firms that sell technology-related products should expect short product life cycles. Which type of product is most likely to have a short product life cycle?

• A. Raw minerals
• B. Basic agricultural goods
• C. Traditional handicrafts
• D. Technology-related products

Answer: (D)

Verified step by step guidance

1. Step 1: Understand the concept of a product life cycle, which refers to the stages a product goes through from introduction to decline in the market.
2. Step 2: Recognize that technology-related products often have short product life cycles due to rapid innovation, frequent updates, and changing consumer preferences.
3. Step 3: Compare the nature of raw minerals, basic agricultural goods, and traditional handicrafts, which typically have longer life cycles because they are less affected by technological change.
4. Step 4: Identify that technology-related products are most likely to have short product life cycles because new models or versions quickly replace older ones.
5. Step 5: Conclude that among the options given, technology-related products best fit the description of having short product life cycles.