An industry's sales have leveled off and profits are declining in oligopolistic competition. Consumers see competing products as "homogeneous." Several firms have dropped out of the industry, but a new one entered recently. Firms in the industry are trying to avoid price-cutting by spending on persuasive advertising. These firms are competing in which stage of the product life cycle

Market maturity

Explanation:

Product life cycle: It is a process of product transferring from one stage to another. This concept help the management in taking a decision on strategies related to investment, advertisement, pricing, expansion, etc at each stage of the product. Following are the four stage of product life cycle:-

In the Introduction stage, organizations focus on building primary demand.

In the growth stage, the organization earns a maximum profit.

In the maturity stage, sales and growth of product reach at the peak, then begin to slow down.

In the decline stage, sales decline and profitability fall, over a period of time production stopped to avoid loss.

In the given case, the industry's sales have leveled off and profits are declining. Firms in the industry are trying to avoid price-cutting by spending on persuasive advertising. Therefore, it is an example of the market maturity stage of the product life cycle.

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