The market expands, the level of competition rises, the number of clients grows, and sales increase during the growth stage. Price undercutting in the growth stage is typically uncommon because businesses in this stage can boost revenue by luring in new clients.
A product's life cycle consists of four stages, as previously mentioned: introduction, growth, maturity, and decline. However, a product must first undergo design, research, and development. A product can be created, advertised, and released onto the market once it is determined to be practical and potentially profitable.
Consumers have accepted the product on the market and are starting to genuinely buy in during the growth stage. That indicates that both demand and profits are rising, preferably consistently and quickly. The market for the product is expanding during the expansion stage, and competition is starting to emerge.
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