Over the past 100 years or so, Binney and Smith's Crayola crayons have become household staples in more than 80 countries around the world. The company occasionally tinkers with the product's marketing mix to maintain market share. Crayola crayons are in the ________ stage of the product life cycle.

A) growth

B) extension

C) development

D) maturity

E) decline

Question

14-05-2020
Business

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Over the past 100 years or so, Binney and Smith's Crayola crayons have become household staples in more than 80 countries around the world. The company occasionally tinkers with the product's marketing mix to maintain market share. Crayola crayons are in the ________ stage of the product life cycle.

A) growth

B) extension

C) development

D) maturity

E) decline

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Answer:

Maturity

Explanation:

The life cycle of a product can be defined as the period from which a product is introduced till when it is removed from the market.

In the life cycle of a product, there are various stages which include introduction, growth, maturity and decline.

The maturity of a product is the stage in the product lifestyle in which a product attains its most sales and then begins to decline.

In the above question, Binney and Smith's crayons have done well in the market and has matured in its life cycle because it has achieved its highest level sales-wise and is declining. This declination is the reason why the Binney and Smith's crayons has decided to tinker the product's marketing mix, thereby sustaining their market share.

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