What phase comes after the growth stage in the product life cycle?

The correct answer is maturity, which follows the growth phase in the product life cycle. During the maturity stage, a product reaches its peak market penetration and sales growth stabilizes. This phase is characterized by intense competition as multiple brands may offer similar products, leading to a focus on differentiating features, brand loyalty strategies, and pricing strategies to maintain market share.

In the maturity stage, companies often emphasize maximizing profitability and enhancing the product's appeal through improvements or variations. Marketing efforts may shift to maintaining customer interest and managing the brand's reputation to prevent decline, which often follows if products are not rejuvenated or innovated.

Understanding this phase is crucial for marketers as it influences strategic decisions regarding product updates, promotions, and market positioning to prolong the product's vitality in a competitive landscape.