The phase after the growth stage of the industry life cycle referred to as the shakeout stage because the weaker firms are forced out of the industry in this stage.
The growth stage serves as the stage whereby the product's sales begin to increase dramatically .
It is a stage whereby product experiences high demand, and imitation the cost of production increases rapidly.
Product life cycle is important for a business to focus on the introduction stage then the growth stage because the products to gain distribution as the product is initially new in the market.
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