Question

The 5.5 million vinyl long-playing (LP) records sold in the United States per year pales in comparison with the 1.26 billion digital downloads. The grooves in vinyl records create sound waves that are similar to those of a live performance, however, which means they provide a more authentic sound, which in turn means nightclub DJs, discerning music listeners, and collectors will always prefer them. Firms that sell LPs position themselves for a niche segment of diehard consumers. They are in the _____ stage.

Answer 1

Decline

Step-by-step explanation:

The decline stage of the product life is the last stage of the products and it is characterized by a decrease in the sales of the product and a heavy increase in the sell of other option or other products with similar characteristics and better technology, a good example of this could be appliances like cellphones, Vinyl records are in the stage of decline, but since it is a niche product it will not disappear.

Answer 2

Firms that sell LPs position themselves for a niche segment of diehard consumers. They are in the decline stage.

Step-by-step explanation:

"The decline stage is marked by extreme depression in the marketplace. A few firms still hang on, but R&D ceases.Prmotion vanishes and price wars continue. Opportunities emerge for entrepreneurs in service and repair. Diehards fight what remains of the core market. Resellers can't be found-they've moved on."

Reference: Knowles, R. A., & Castillo, C. (2010). Small Business: An Entrepreneur's Plan. Cengage Learning. p.119