Growth stage is an industry life cycle stage in which:
A) customer purchases increase at a dramatic rate.
B) a product or service is being invented and initially developed.
C) sales and profits of the firms in the industry begin a falling trend.
D) an industry eventually reaches a relatively stable number of firms.

Question

Quizplus · Accepted Answer

Growth stage is characterized by increasing customer demand and sales, leading to a rapid increase in industry revenues and profits. This stage usually follows the introduction stage, where the new product or service is being launched and developed. As the product gains wider acceptance and market penetration, the industry enters the growth stage which can last for several years before eventually plateauing.

Growth Stage Is an Industry Life Cycle Stage in Which