Which of the following is characteristic of the boom stage in the life cycle of a product?
A) Most customers are unaware of the offerings.
B) Many firms close down.
C) Firms begin to compete on features and prices.
D) Established firms must find new approaches to improve the business.

Question

Quizplus · Accepted Answer

In the boom stage, the product has gained acceptance among the target market and sales are rapidly increasing. As a result, competition increases, and firms begin to compete on features and prices to maintain their market share.

The other options are incorrect because:

A) This statement is more characteristic of the introduction stage.

B) This statement is incorrect as the boom stage is characterized by growth, not closures.

D) This statement is more characteristic of the decline stage, where firms must reinvent themselves to stay relevant as sales begin to decline.

Which of the Following Is Characteristic of the Boom Stage