Characteristics of Maturity Stage Analysis

The first two stages of the product life cycle keep a company engaged in developing and capturing its market. It tries to increase its sales and capture the market as much as possible. However, the maturity stage, which is the third stage, turns out to be more challenging. It depends a lot on external factors and the fact that the product is no longer new. During this stage, the company puts effort into maintaining the market share by using different strategies.

Many brands have maintained themselves in the maturity stage, for example, Company C. This company has become more successful by taking care of its customer needs and evolving with time. Given below are few characteristics of the maturity stage that makes it challenging ;- demands strategies and efforts; and also sometimes makes it beneficial:

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Lowered cost: Due to the increase in production and effects of the experience curve, the cost associated with production reduces.

No more increase in sales: Sales volume at this stage reaches its highest peaks. This stage makes a company reach its market saturation.

Longest stage: The maturity phase is the longest stage in the product life cycle.

More competitors: At this stage, the company faces immense entry of competitors posing challenges every other day.

Lesser price: Due to competing products, prices tend to drop.

Triggers dynamicity: A brand needs to act continuously to diversity and differentiate itself to increase market share.

Repeat sales: At this stage, the company focuses on repeat customer buying rather than new customers.

Reduction in industrial profits: At this stage, due to a reduction in price due to competition, the entire industry is affected.

Challenges and Benefits of the Maturity Stage
The maturity stage of a product arrives with several concerns and challenges. Some of them are as follows:

Loss of sales volume: The market captured during the growth stage reaches its saturation point during the maturity stage. Sales become constant with fewer new customers.

Reducing market share: The competitors who have been trying to capture the market find their fair share in the market. It becomes difficult to compete for a market share at the maturity stage, as the competition is seen as the highest at this stage.

Reduction in profits: At this stage of the product life cycle, all manufacturers see dwindling or stagnancy in profits. Like the market share, the company needs to share its profit with the other players in the market. Also decrease in profits may occur as an attempt to offer low-priced goods like the other competitors to attract customers.

During the maturity stage, the product is no longer new and does not capture the market. However, it carries some benefits too.

Cost reduction: With development and progress, the company may find better ways to produce a product in higher volume helping in economies of scale leading to lower cost.

Product Innovation and differentiation: When the maturity stage sees stagnant market share, it can implement new ways of innovation, new marketing campaigns, diversification of products causing improvement in market share. This also helps the company to remain relevant and create a barrier against competitors.

Steps Taken by the Company during the Maturity Stage
At this stage, the organization tries to incorporate innovative strategies to make their products stand out and attract customers and increase their market share. Some of the strategies that companies choose to deal with this stage are given below:

Modification of product: The company might try to improve product quality or change some of its features, attract new customers, or increase the rate of its usage per customer. Product improvement strategies may include more durability, safety, taste, speed, changes in size, color, weight, convenience and so on. Product modification is beneficial because it can be acquired at minimal expense, create a marketing buzz, and encourage sales.

Modification of the market: In this strategy, more focus is given to handling the market rather than making any product changes. This may include convincing non-users of the product to use it, exploring new market segments, and trying to win over competitors’ markets by emphasizing their weaknesses through creative marketing strategies. As a result, sales increase either by the increased size of the market or increased usage per consumer.

Modification of marketing mix: This strategy may involve bringing changes to the marketing mix elements, including product, price, place, and promotion. The changes in the marketing mix at this stage might involve using tools like promotions and incentives to build the loyalty of customers switching from a competitor’s brand.

Taking no steps: The company might decide to do nothing, which can sometimes be an effective marketing strategy. However, for some products, the decline stage becomes certain, and no modifications can help them survive in the market. Hence, the organizations try to save money and invest them in new products that can gain profits.

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