Answer:
The correct answer is A) Failure to illustrate the importance of creating diverse products
Explanation:
A product life cycle is an easy way to explain what happens to a product or a service from the time it is launched.
Most of the times, a product goes through an introductory phase where sales are slow and there are not a lot of users. Eventually, if the product is a hit, they go through a growth period where a lot of investment is required but a lot of money can be made too.
Eventually, a product reaches the maturity stage, at which time, they have a huge market share and there is little to no growth.
At this point, companies need to understand the next trend and innovate accordingly. otherwise, the product will enter the decline stage as competitors launch better products in the market.
In this example, if the rental companies had thought of making a new business model, they would be better equipped to compete with new comers.
