Vernon's product life cycle theory was based on the idea that most new products were initially produced in the United States.

Name: Vernon's product life cycle theory was based on the idea that most new products were initially produced in the United States.
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Vernon's product life cycle theory suggests that new products are typically developed and produced in the United States due to its advanced technology and high-income market, before being exported and eventually produced in other countries.

Vernon's Product Life Cycle Theory Was Based on the Idea