The term product life cycle refers to the length of time a product is introduced to consumers into the market until it's removed from the shelves. The life cycle of a product is broken into four stages—introduction, growth, maturity, and decline.
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At maturity stage, price competition sets in as more and more supply capacity has been added by new entrants, then the competition will be the most intense.
[Reference: CIPS study guide page 90-91, LO 2, AC 2.2]
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