Which stage comes immediately after the growth stage in the product life cycle?

The stage that comes immediately after the growth stage in the product life cycle is the maturity stage. During the maturity stage, the product has reached its peak in terms of market acceptance and sales growth begins to stabilize. At this point, competition is often at its highest, and the market is saturated with similar products. Companies may focus on improving the product, enhancing features, or finding new markets to maintain market share.

This transition from growth to maturity typically indicates a change in strategy, as businesses may need to adapt their marketing tactics to extend the product's life cycle. Understanding this progression is critical for effective business planning and resource allocation. The maturity stage represents a crucial phase where companies must innovate or differentiate their offerings to avoid slipping into decline.