The phase of market maturity typically involves?

The phase of market maturity is characterized by steady sales with market saturation. At this stage, a product has already gained a significant market share, and most potential consumers have already purchased or used it. Consequently, the growth rate slows down as the market becomes saturated, leading to a plateau in sales figures. Companies in this phase often focus on retaining existing customers and finding ways to differentiate their products from competitors to sustain their market position.

The emphasis during market maturity is on maintaining profitability amidst increased competition and the necessity for marketing strategies that focus on customer loyalty, product enhancements, or new features to attract consumers who are already familiar with similar offerings. Sales may not increase rapidly as seen in earlier stages; instead, they stabilize as the product has reached a peak in consumer acceptance.