Question

When Toyota introduced hybrid cars, there were waiting lists to buy them. Then Honda and a few other manufacturers entered the market, shifting the product life cycle for hybrid cars into the __________ stage of the product life cycle.

Answer 1

growth

Step-by-step explanation:

A product goes through 4 stages during its life cycle:

1. introduction: the product is recently launched to the market, generally it carries a high price and the demand is very small.
2. growth: sales start to grow and other companies start to offer their own versions of the product, increasing competition and lowering prices.
3. maturity: the product has already been established, generating high profits to the companies, and each producer will try to keep its market share.
4. decline: the demand for the product will fade away and eventually the product will become obsolete and it wouldn't be sold anymore.