The demand for flip phones has drastically reduced, and there are only a few consumer electronics companies selling them at extremely low prices. Also, the current buyers of flip phones are mainly categorized under laggards. Which of the following stages of the industry life cycle is the flip phone industry in currently?

Answer: Decline stage of product life cycle.

Explanation:

The decline stage of a product life cycle tends to represent the descent or a fall in product life cycle. The decline stage tends to represent the similar behavior of the commodity or products. Decline stage of product life cycle tends to occur when a commodity or product is dissolved as the result or outcome of the negative or decreased growth.

Laggards are in the late 16 % of the cycle of adoption of the technology.

Explanation:

As technology adoption is a sociological model that is based on the acceptance of the newer product or innovation that defines the demographic characteristics. Innovators, early adopters, early majority and late majority and laggards are all the demographic and psychological group of people that adopt the model based on the consideration as the flip phone are rarely available and they tend to have lower demands in the market hence only fewer companies keep those models. Even though selling them at a lower price they are taken up by laggards as these are ones that usually take the flip phones based on their perception and the trends in the market.