Midway, Inc. has seen most of its competitors drop out of its product-market due to declining industry sales and profits. But Midway still has much demand for its product from a small group of loyal customers. This product-market is in which product life cycle stage?
A) Market introduction
B) Market maturity
C) Market development
D) Market growth
E) Sales decline

Question

Quizplus · Accepted Answer

The product-market is in the "Sales decline" stage, as indicated by declining industry sales and profits, despite a small group of loyal customers still demanding the product. This stage is characterized by a reduction in consumer interest and a decrease in sales, leading to many competitors exiting the market.