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A new business is experiencing a rapid increase in sales following a series of positive posts on social media - HSC - SSCE Business Studies - Question 6 - 2014 - Paper 1
Question 6
A new business is experiencing a rapid increase in sales following a series of positive posts on social media. Which stages of the product life cycle is the busines... show full transcript
Worked Solution & Example Answer:A new business is experiencing a rapid increase in sales following a series of positive posts on social media - HSC - SSCE Business Studies - Question 6 - 2014 - Paper 1
Step 1
Establishment to growth
Answer
The business is currently in the 'Establishment' phase of the product life cycle, characterized by initial product development and market introduction. As a result of the positive social media posts, the business is experiencing a rapid increase in sales, indicating that it is transitioning into the 'Growth' stage. This stage is marked by increasing market acceptance and sales performance.