There are several stages of a product life cycle. They includes development, introduction, growth, maturity and decline stages.
- The growth stage of the product life cycle is marked by a rapid increase in sales.
Growth Stage of a product life cycle is simply known as stage where a product gains ground, recognition, acceptance, demand and sales grow rapidly. In this stage, competition do increases and prices fall.
There is increase in economies of scale occur as production and distribution grow larger. The product life cycle is known to have high sales of goods and services.
Conclusively, this stage of the product life cycle is where a particular product experience sales, revenues and profits increase so as to grow the product .
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