Raymond Vernon's theory of the product life-cycle was based on the observation that for most of the 20th century,a very large proportion of the world's new products were developed by foreign nations and sold first in the U.S.market.

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Raymond Vernon's product life-cycle theory was based on the observation that for most of the twentieth century a very large proportion of the world's new products had been developed by U.S.firms and sold first in the U.S.market.

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