Raymond Vernon's theory of the Product Life-Cycle was based on the observation that for most of the 20^th century a very large proportion of the world's new products were developed by U.S.firms and sold first in the U.S.market.

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Raymond Vernon's theory of the Product Life-Cycle was indeed based on the observation that a large proportion of new products were developed by U.S. firms and introduced first in the U.S. market.

Raymond Vernon's Theory of the Product Life-Cycle Was Based on the Observation