What are the key characteristics of the 'Market Growth' stage in product lifecycle management?

The 'Market Decline' stage in product lifecycle management is typically characterized by several factors. Firstly, the product may lose its appeal to consumers due to the emergence of new, more innovative products or changes in consumer preferences. Secondly, market saturation can occur, where the product has reached its maximum potential in the market. Thirdly, external factors such as economic downturns, regulatory changes, or shifts in industry trends can contribute to the decline. Lastly, internal factors such as poor product performance, lack of support, or strategic decisions to discontinue the product can also lead to a decline.

The 'Market Maturity' stage in a product's lifecycle is characterized by a leveling out of demand. During this stage, the product has reached its peak in the market and demand grows mostly at the replacement and new family-formation rate. This means that most of the sales are from customers replacing their old products or new customers entering the market. The rate of growth of demand slows down and the market becomes saturated with the product.