Answer:
During the growth stage of the market life cycle, customers are very likely to establish brand loyalty.
Explanation:
Industry life cycle
This explains the stages or cyles from beginning to end of a product in a market. Some products go through these stages. It consists of four stage which are
1. introduction
2. Growth
3. Maturity
4. Decline
Growth stage
The characteristics of this stage is that product or brand finds its way or gains market acceptance sales start to rise, Competitive reaction will determine life expectancy of the product and sales promotion and distribution play a vital role in this stage. It is the period when sales are increasing at their fastest rate.
The statement above is false due to the fact that In the growth stage of market life cycle, the primary objective is to buildup consumer preferences for the specific brands. A lot of this needs to be considered and put in place such as strong brand recognition, differentiated products, and the financial resources to support a variety of value-chain activities such as marketing and sales, and research and development.