The product category enters the growth stage when it expands and becomes profitable. This is characterized by a rise in demand, an expansion in supply, and a rise in production.
The product gains in popularity and recognition throughout the growth phase. If a product is subject to intense competition, a corporation may nonetheless decide to invest extensively in advertising. However, marketing strategies will probably focus more on how to set their product apart from competitors than on how to get their products on the market.
Based on client input, a business may potentially improve the functioning of a product. Sales and revenue increase during the product life cycle's growth phase, which has a positive financial impact.
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