Which stage of the product life cycle do the following characteristics refer to?
New competitors
Customer feedback received
New distribution outlets being found
Product quality improvements made
The correct answer is: Growth
The product life cycle stages can be summarised as follows:
Introduction: Basic quality, few competitors, high promotion costs
Growth: As stated in question
Maturity: Most competitive stage, product extension strategies, for example, new markets
Decline: Exit strategy needs to be identified.
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