What happens during the maturity stage of the product lifecycle?

During the maturity stage of the product lifecycle, sales typically stabilize as the market reaches saturation. This means that the product has been widely accepted by consumers, and most of the potential customers have already purchased it. Consequently, growth rates slow down because the market is no longer expanding at the same pace as it did during the growth stage.

At this point, companies often focus on maintaining market share rather than seeking new buyers, leading to a competitive environment where firms might enhance their marketing strategies or improve product features to attract existing customers and differentiate themselves from competitors. This stage often involves managing existing customer relationships and optimizing operations to maintain profitability rather than introducing entirely new offerings or exiting the market.