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The 'Market Growth' stage, also known as the 'Takeoff Stage', in product lifecycle management is characterized by a rapid increase in demand and expansion of the total market size. This is the period when the product has been introduced to the market, and the demand for it begins to accelerate. Sales typically grow rapidly during this stage.
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Market Development – the period when a new product is first introduced to the market with a proven demand for it, but without the full proof of technically in all respects. At this stage, sales are usually low and increase slowly. Market Growth (a.k.a. "Takeoff Stage") – the period when demand begins to accelerate and the size of the total market expands rapidly. Market Maturity – the period when demand evens out and grows, mostly only at the replacement and new family-formation rate. Market Decline – the period when the product begins to lose its appeal to consumers and sales drop.
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Neglect of product lifecycle management can lead to loss of opportunities and the product’s quick disappearance from the market. Use our Product Lifec...
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