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Which of the following is correct for the growth phase of the product life cycle? | Production | Price | |------------|-------| | A - HSC - SSCE Business Studies - Question 11 - 2022 - Paper 1
Question 11
Which of the following is correct for the growth phase of the product life cycle? | Production | Price | |------------|-------| | A. Decreased | Maintained | | B. M... show full transcript
Worked Solution & Example Answer:Which of the following is correct for the growth phase of the product life cycle? | Production | Price | |------------|-------| | A - HSC - SSCE Business Studies - Question 11 - 2022 - Paper 1
Step 1
Which of the following is correct for the growth phase of the product life cycle?
Answer
In the growth phase of the product life cycle, we typically observe that production levels increase to meet growing demand. As competitors enter the market and the product gains popularity, prices may also experience an increase.
Thus, the correct option reflects an increase in both production and price. This aligns with option C:
- Production: Increased
- Price: Increased