Raymond Vernon suggested that the wealth and size of the U.S.market gave U.S.firms a strong incentive to develop new consumer products.

Question

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Raymond Vernon's product life cycle theory suggests that U.S. firms have a strong incentive to develop new products due to the maturity of their domestic market and the need to expand into international markets to maintain growth. The wealth and size of the U.S. market make it an attractive target for firms to develop and test new products before expanding globally.

Raymond Vernon Suggested That the Wealth and Size of the U.S.market