MANAGEMENT

Detailed explanation-1: -Maturity – In the maturity stage, sales slow down, indicating that the market has begun to reach saturation. This is also one of the stages of the product life cycle when pricing becomes competitive. This makes the profit margins thinner.

Detailed explanation-2: -Products reach maturity and then gradually start to decline once the market becomes saturated. For this reason, one way to extend the life cycle of a product is to constantly look for ways to improve, switch up and even differentiate your product from copycat products that have entered the market.

Detailed explanation-3: -An extension strategy is usually introduced between the maturity and saturation stages of the product life cycle, before a real decline takes place. The aim is to continue to maintain a steady rate of revenue from a product.