Which of the following best describes the second stage of the Product Life Cycle?

The second stage of the Product Life Cycle is characterized by a focus on increasing market penetration and addressing growing consumer demand, particularly in developing nations. During this stage, companies often adapt their products to cater to the needs and preferences of emerging markets, which can lead to increased sales and market share.

As the product gains acceptance and awareness, businesses may invest more resources in marketing efforts to promote it in these developing regions. This process often involves tailoring the product's features or price point to resonate with local consumers, which can be crucial as these markets typically exhibit rapid growth potential.

While other options address various facets of business strategy, they do not capture the primary focus of the second stage as accurately. Insights from production costs, demand management, or specialization do not fully encapsulate the emphasis on expanding market reach and increasing sales in developing nations that characterizes this phase of the Product Life Cycle.