Which stage of the product life cycle follows introduction?

The stage of the product life cycle that follows the introduction is the growth stage. During the growth phase, the product has been introduced to the market and begins to gain acceptance among consumers. This results in increasing sales and revenue as the product is marketed more broadly.

In this stage, companies often invest in marketing and distribution to reach a wider audience. The growth stage is characterized by the refinement of the product offering based on customer feedback, enhancement of marketing efforts, and sometimes the introduction of new variations of the product to appeal to different segments of the market.

As demand increases, production may ramp up to meet customer needs, often leading to economies of scale and potentially lower costs over time. The focus is on building brand loyalty and increasing market share, making this phase critical for establishing a strong product presence in the market.