What is growth stage

Growth stage or the growth and expansion stage is the second of five key phases in the business life cycle. The life cycle also includes launch, shake-out, maturity, and decline. During the growth stage, a startup will see sales increase rapidly. This is the phase in which businesses start to see profit.

What is the example of growth stage?

Examples of products currently in the growth stage include artificial intelligence, smartphones, and electronic cars. A common reaction for companies with products in the growth stage is to expand the supply chain distribution of the product.

What happens in growth stage?

During the growth stage, consumers have accepted the product in the market and customers are beginning to truly buy in. That means demand and profits are growing, hopefully at a steadily rapid pace. The growth stage is when the market for the product is expanding and competition begins developing.

What is the growth stage of a business?

During a growth stage, your business may begin to make more money, breaking even, becoming profitable or increasing profitability. If your product or service is taking off, it could be time to look for more funding from investors so you can expand your business.

What is growth stage of product life cycle?

Growth. In the growth stage, consumers start to take action. They buy the product; the product becomes popular and results in increased sales. There are other companies also that notice the product as it starts getting more attention and revenue.