Final answer:
Cash cows are typically found in the maturity stage of the industry life cycle. They have a well-established reputation for slashing prices, small economies of scale, and a well-respected brand name.
Step-by-step explanation:
Cash cows are typically found in the maturity stage of the industry life cycle. In this stage, the industry has reached a stable and predictable phase, where demand is at its peak and growth is slow. Cash cows are products or services that have a large market share and generate a consistent flow of revenue.
They are characterized by several factors: a well-established reputation for slashing prices in response to new entry, which indicates their dominance and ability to deter new competitors; economies of scale being very small compared to the size of demand in the market, meaning that cost advantages are minimal but demand is high; and a well-respected brand name that has been carefully built up over many years, which contributes to customer loyalty and trust.