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Question
Explain the strategies to be adopted during the growth stage of the Product Life Cycle.
Solution
The following strategies may be adopted during the growth stage:
- Heavy advertising to create brand image and to stimulate sales.
- Expanding distribution channels to make the product available wherever demanded.
- Introducing new versions of the product to cater to the needs of different types of customers.
- Keeping the price at competitive levels.
- Greater emphasis on customer service.
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