The growth stage of an industry's life cycle is the:
A)time when companies attempt to secure their grip over customers in existing market segments.
B)time when customers start exiting the markets.
C)time to plan an exit strategy.
D)opportunity to reduce investment in a product.
E)phase when the demand for products is low because of customers not being familiar with the product.

Question

Quizplus · Accepted Answer

The growth stage is characterized by an increase in demand for the product or service being offered. Companies focus on expanding their market share, introducing new product features or variations, and increasing advertising and promotional efforts to establish and strengthen their position in the market. Customers are becoming more aware of the offerings, and companies are competing for their attention and loyalty. This is not a time to plan an exit strategy, reduce investment, or see low demand due to unfamiliarity with the product.

The Growth Stage of an Industry's Life Cycle Is The