What stage involves increased advertising and competitive pricing in the product life cycle?

The growth stage of the product life cycle is characterized by increased advertising and competitive pricing as the product starts to gain acceptance in the market and sales begin to rise. During this phase, companies recognize the importance of solidifying their market position and attracting more customers.

As competitors notice the product's success, they may enter the market with similar offerings, leading to heightened advertising efforts to differentiate the product and build brand loyalty. Companies often increase their marketing budget to highlight unique features and benefits, making it crucial to maintain visibility in a growing market.

Competitive pricing strategies are also prevalent in this stage. As demand increases and new competitors emerge, businesses may adjust their pricing to remain attractive to consumers while ensuring profitability. This pricing strategy can involve introductory promotions or discounts aimed at expanding the customer base and increasing market share.

Overall, the growth stage signifies a dynamic transformation in marketing strategy, with a focus on establishing a strong presence amidst increasing competition.