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 |
|------------|------------|-----------|
| ... 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
Production: Increased
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Answer
During the growth phase of the product life cycle, production ramps up. This is due to increased demand as the market begins to accept the product.
Step 2
Price: Increased
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Answer
In this phase, companies often increase prices to maximize profits as demand rises, reflecting the value perceived by consumers.
Step 3
Correct Answer Choice
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Answer
Based on the analysis, the correct answer is C: Increased for Production and Increased for Price.
