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A hiking boot’s profits are declining because new competition has entered the market, but its cost has also declined due to increased volume of production. What stage of the product development life cycle is the hiking boot in?.

Answer :

Crowdsourcing reflects the idea in​ e-commerce that large numbers of people can make better decisions about a wide range of topics or products than a single person or even a small committee of experts.

What is crowdsourcing, in a nutshell?

Crowdsourcing is the process of asking a large number of individuals for the information, goods, or services that are required. Author Jeff Howe coined the term "crowdsourcing," which mixes crowds and outsourcing, in his essay "The Rise of Crowdsourcing" from Wired magazine in 2006.

What is an effective example of crowdsourcing?

Many businesses and organizations use specialized crowdsourcing websites like 99designs or Fiverr to find solutions for niche tasks like graphic design, proofreading, or software testing. Social media platforms  are used by businesses worldwide to find inspiration for fresh products and services.

To know more about Crowdsourcing visit:

brainly.com/question/29331726

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