Which stage of the product life cycle is characterized by rapid market acceptance and increasing sales?OPTIONS Introduction Growth Maturity Decline

Break Down the Problem

1. Identify the stages of the product life cycle.
2. Determine which stage is associated with rapid market acceptance and increasing sales.

Relevant Concepts

1. The typical stages of the product life cycle include:
   • Introduction
   • Growth
   • Maturity
   • Decline

Analysis and Detail

1. Introduction Stage: This is when the product is launched, and sales start from zero, with slow acceptance and growth.
2. Growth Stage: In this stage, the product starts gaining acceptance in the market, leading to rapidly increasing sales and market share.
3. Maturity Stage: Sales growth typically slows down as the product reaches market saturation.
4. Decline Stage: Sales and profitability begin to decrease as the product loses appeal or becomes outdated.

Verify and Summarize

• The Growth stage is characterized by rapid market acceptance and significant increases in sales.

Final Answer

Growth is the stage of the product life cycle characterized by rapid market acceptance and increasing sales.