Which product stage typically experiences both high growth and substantial competition?

The growth phase of a product's life cycle is characterized by rapid increases in sales, market penetration, and revenue. During this stage, the product has already gained acceptance in the market following its introduction, leading to heightened consumer demand. As a result, many competitors often enter the market, attracted by the potential for profitability.

This high level of competition can manifest in various ways, such as an influx of similar products or improvements made by competitors to captivate consumers. Companies tend to invest heavily in marketing to promote their products, differentiate themselves from competitors, and capture market share.

Moreover, innovations and improvements in the product during this stage are common as firms work to enhance their offerings and stand out in a crowded market. This dynamic environment is pivotal for a company's long-term success and establishes the foundation for future stages of the product life cycle.