Maturity Stage : Heavy expenditure is incurred on promotion to create brand loyalty. Firms try to modify and improve the product, to develop new uses of the product and to attract new customers in order to increase sales.
growth stage : The stage of the product life cycle where product sales , revenues and profits begin to grow as the product becomes more popular and accepted in the market.
Challenges of the Maturity Stage The majority of the consumers who are ever going to purchase the product have already done so. With this stage of the product life cycle often seeing the highest levels of competition, it becomes increasingly challenging for companies to maintain their market share.
As mentioned earlier, the product life cycle is separated into four different stages, namely introduction , growth , maturity and in some cases decline . Introduction . The introduction phase is the period where a new product is first introduced into the market. Growth . Maturity . Decline .
The life cycle of a product is associated with marketing and management decisions within businesses, and all products go through five primary stages: development , introduction , growth, maturity , and decline .
Product Life Cycle is the period of a product introduced to the consumer in the market up to the reaching of its decline stage. Any product passes through certain stages like introduction, growth , maturity, and decline.
Decline Stage When market maturity tapers off and consequently comes to an end, the product enters Stage 4—market decline . In all cases of maturity and decline the industry is transformed.
Costs are Reduced: With new product development and marketing, the Introduction stage is usually the most costly phase of a product’s life cycle. In contrast, the Growth stage can be the most profitable part of the whole cycle for a manufacturer.
As the product gains over its competition, the product enters the maturity stage of the product life cycle . The marketing mix during this stage involves efforts to build customer loyalty, typically accomplished with special promotions and incentives to customers who switch from a competitor’s brand.
A product becomes most profitable during the maturity stage . The sales for the product are slower than in the growth stage but continues as the product becomes a market leader. Continued advertising reinforces the product with the consumer, but generally, advertising costs are lower than for a new product.
Growth. The growth stage is a period of rapid market acceptance and increasing profits . Maturity. In the maturity stage , sales growth slows down because the product has achieved acceptance by most potential buyers.