Which of the following is NOT a stage of the Product Life Cycle?

The correct answer is that "Assessment Stage" is not a recognized stage of the Product Life Cycle. The Product Life Cycle consists of four main stages: Introduction, Growth, Maturity, and Decline. Each stage represents a phase in the life of a product, from its initial launch and market acceptance to its eventual decline in sales and market relevance.

The Assessment Stage does not align with this established framework. It suggests a process or evaluation rather than a specific stage in a product's life cycle. The purpose of the Product Life Cycle is to understand changes in consumer demand and to adapt marketing strategies accordingly at each defined stage. The other stages—Decline, Maturity, and Growth—each represent specific dynamics in product sales, market competition, and consumer behavior.

Understanding the correct stages helps businesses strategize effectively, allocate resources, and manage product portfolios throughout their lifecycle.