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Question
Which stage of the Product Life Cycle is characterised by saturation in the market?
Options
Introduction
Growth
Maturity
Decline
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Solution
Maturity
Explanation:
The maturity stage of the Product Life Cycle is characterized by market saturation. During this stage, the product has been widely accepted, and sales growth slows as the market becomes saturated with competitors. Most potential customers have already purchased the product, and companies focus on differentiation, improving features, and maintaining market share. Profits may begin to decline as competition increases and pricing pressures mount.
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Explain the second stage of product life cycle.
