MANAGEMENT

Detailed explanation-1: -Growth Stage The second stage of the product life cycle is considered the key stage for many businesses and manufacturers in establishing “a product’s position in a market, increasing sales, and improving profit margins.”

Detailed explanation-2: -There are four stages in a product’s life cycle-introduction, growth, maturity, and decline. A company often incurs higher marketing costs when introducing a product to the market but experiences higher sales as product adoption grows.

Detailed explanation-3: -The product life cycle is divided into four total stages, including development and introduction, growth, maturity, and decline.

Detailed explanation-4: -2. Market Growth. If a product successfully navigates through the market introduction it is ready to enter the growth stage of the life cycle. This should see growing demand promote an increase in production and the product becoming more widely available.