During the growth stage of a product life cycle, firms attempt to:
A)successfully market a newly launched product.
B)reach new consumers by studying their preferences and producing different product variations.
C)increase their customer base by entering into new markets or market segments.
D)defend their market share by developing new products or promotions.
E)market their products to a niche segment of loyal customers.

Question

Quizplus · Accepted Answer

During the growth stage of the product life cycle, firms expand their customer base by studying their preferences and catering to their needs by producing different versions of the product. This helps in reaching new consumers and increasing market share. However, firms may also defend their market share by developing new products or promotions. Therefore, option B and option D are both feasible choices, but option B seems to be a better fit.

During the Growth Stage of a Product Life Cycle, Firms