Question

In a specific market, key technology no longer has patent protection, experience is not an advantage, and there is a growing need to compete on price. What stage of its life cycle is this market in

Answer 1

Maturity.

Step-by-step explanation:

A product life cycle can be defined as the stages or phases that a particular product passes through, from the period it was introduced into the market to the period when it is eventually removed from the market.

Generally, there are four (4) stages in the product-life cycle;

1. Introduction.

2. Growth.

3. Maturity.

4. Decline.

Maturity is the stage in which product experiences a peak in sales growth and then eventually slows as the product reaches more customers, and lastly price competition is fierce.

In this scenario, key technology no longer has patent protection, experience is not an advantage, and there is a growing need to compete on price. Therefore, the stage of life cycle which key technology is in, is maturity.