Future Business Leaders of America (FBLA) Advertising Practice test

Which stage of the product life cycle do Apple phones currently occupy due to millennial preferences for the latest technology?

1. introduction

2. decline

3. maturity

4. growth

The correct answer is: maturity

The correct answer is maturity because Apple phones, particularly the iPhone, have been established in the market for several years and have a loyal customer base among millennials who consistently seek the latest technology. This stage is characterized by extensive market acceptance, stable sales growth, and fierce competition, as numerous brands offer similar smartphone options. In the maturity stage, products experience peak sales and market saturation. Apple has focused on brand loyalty, innovation, and marketing to maintain its market position despite an influx of competitors and changes in consumer preferences. This loyalty and the ongoing demand for the latest models support the idea that the iPhone has solidified its place in the maturity phase of the product life cycle. During this stage, focusing on differentiating features and maintaining customer engagement becomes essential as overall market growth slows. Understanding the maturity stage can help in devising marketing strategies, like upselling or cross-promoting accessories, to extend the product's lifecycle and maximize profitability.