What is typically a key feature of the maturity stage in the product life cycle?

The key feature of the maturity stage in the product life cycle is market saturation. At this point, the product has typically been on the market for some time, and most potential customers have already purchased it or are aware of it. As a result, the growth in sales begins to slow down as the market becomes saturated. This stage is characterized by intense competition and often leads companies to implement strategies for differentiating their products or maximizing market share.

In the maturity stage, companies may turn their focus more toward retaining customers and improving customer loyalty rather than solely driving new sales. Sales may stabilize, and the overall market for the product reaches its peak, often leading to price adjustments and promotional strategies as businesses work to maintain their positions.

Other choices, while relevant to different stages of the product life cycle, do not define the maturity stage as clearly. Rapidly increasing sales characterize the growth stage, while the development of new features is more common in the growth or introduction stages where innovation and new offerings are critical for attracting attention. Significant price increases are more likely during earlier stages when demand is high, rather than in the maturity stage when the focus shifts to maintaining market share amidst competition.