The first step in the strategic management process is to a. define a firm's vision, mission, and values. b. understand the strategies of the competitors. c. put the guiding policies of a firm into practice. d. develop functional and business-level strategies.

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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