What stage follows the growth phase in the product life cycle?

In the context of the product life cycle, the maturity stage follows the growth phase. During the growth phase, a product experiences rapid sales increases as it gains market acceptance and consumer awareness. As the product reaches maturity, sales growth starts to slow down or plateau, and the market becomes saturated.

At this stage, businesses typically focus on maximizing profits while maintaining market share, often through strategies such as product differentiation, competitive pricing, and improved distribution channels. Companies aim to sustain their position by catering to the existing customer base and attracting new customers within a stable market.

Maturity can also lead to increased competition, prompting businesses to innovate or refine their offerings to maintain relevance. Understanding this progression is crucial for effective supplier relationship management, as it informs how procurement strategies may need to adapt to changes in demand and market conditions.

The other choices represent different stages or scenarios within the product life cycle that do not directly follow growth, which underscores the distinct characteristics and challenges that businesses face in each phase.