What stage follows the growth stage in the product lifecycle?

In the product lifecycle, the growth stage is characterized by increasing sales, market acceptance, and often the beginning of profits as the product gains traction in the market. Following this growth stage, the next phase is the maturity stage.

During the maturity stage, the product typically reaches its peak in terms of market penetration. At this point, sales growth starts to slow down as the product saturates the market. Competition intensifies, and companies may focus on differentiating their products, improving efficiency, or finding new markets. This phase is also marked by the maximization of profits as fixed costs are spread over a larger volume of sales.

Identifying the maturity stage is crucial for businesses as it allows them to strategize effectively to maintain market share, enhance customer loyalty, and, if necessary, consider product modifications or new versions to reinvigorate sales momentum.