true or false? when no new competitors enter the market, this is a key sign that the product life cycle is now in the mature phase.

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19-12-2022
Business

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true or false? when no new competitors enter the market, this is a key sign that the product life cycle is now in the mature phase.

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qwapple qwapple · Answer 1 · 2022-12-22T09:30:41-05:00

When no new competitors enter the market, this is a key sign that the product life cycle is now in the mature phase. This statement is false.

The six stages a product experiences over its lifetime, from development to decline, are referred to as the product life cycle. When deciding on advertising budgets, product prices, and packaging techniques, business owners and marketers consult the product life cycle.

When sales reach their maturity stage, they start to slow down after a period of strong expansion. At this stage, businesses start lowering their prices in an effort to remain competitive against the escalating competition.

During this stage, a company starts to improve its efficiency and learn from its errors from the launch and growth phases. Typically, marketing strategies prioritize differentiation above awareness.

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