Maturity phase strategy: Difference between revisions
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This phase is followed by a decline in sales growth, which is associated with the saturation on the [[market]] and the appearance of the other products which meet customers [[needs]]. In this phase, managers should adapt the [[action]] specific to the current [[competitive position]]. | |||
This phase | The [[product]] maturity phase is a stage in the [[product life cycle]] where sales growth begins to slow down and eventually plateau. This phase typically follows the introduction and growth phases of the product life cycle. | ||
==Fighting sales decline== | |||
There are several strategies that companies can use to prevent a decline in sales during the product maturity phase, including: | |||
* Continuously improving and updating the product to keep it relevant | |||
* Expanding the target market or [[customer]] base | |||
* Diversifying the product line | |||
* Implementing a strong marketing and advertising [[strategy]] to increase [[brand]] awareness | |||
* Developing a strong and loyal customer base through excellent customer [[service]] and building customer relationships. | |||
* Creating bundles and packages with complementary products. | |||
* Lowering the prices to increase affordability and attract [[price]]-sensitive buyers | |||
* Offering services like maintenance and repair to increase customer retention. | |||
==Proposed actions== | ==Proposed actions== | ||
| Line 20: | Line 18: | ||
* maintain and grow along with the [[industry]], | * maintain and grow along with the [[industry]], | ||
* invest [[company]] resources | * invest [[company]] resources | ||
===Strong competitive position=== | ===Strong competitive position=== | ||
* maintain and grow along with the [[industry]], | * maintain and grow along with the [[industry]], | ||
* invest company resources | * invest company resources | ||
===Average competitive position=== | ===Average competitive position=== | ||
* keep company position, find a niche and try to protect it | * keep company position, find a niche and try to protect it | ||
| Line 28: | Line 28: | ||
===Favourable competitive position=== | ===Favourable competitive position=== | ||
* finding a niche or a gradual withdrawal | * finding a niche or a gradual withdrawal | ||
* minimum [[investments]] or disinvestment | * minimum [[investments]] or [[disinvestment]] | ||
===Weak competitive position=== | ===Weak competitive position=== | ||
* development or gradual withdrawal | * development or gradual withdrawal | ||
* selective investment or disinvestment | * selective [[investment]] or disinvestment | ||
{{infobox5|list1={{i5link|a=[[Growth phase strategy]]}} — {{i5link|a=[[Market maturity]]}} — {{i5link|a=[[Decline phase strategy]]}} — {{i5link|a=[[Product strategy]]}} — {{i5link|a=[[Market expansion]]}} — {{i5link|a=[[Brand leader]]}} — {{i5link|a=[[Entering the market]]}} — {{i5link|a=[[Aggressiveness strategy]]}} — {{i5link|a=[[Product differentiation strategy]]}} }} | |||
==References== | ==References== | ||
* Tedlow, R. S. (2014). [https://books.google.com/books?id=bjyDBAAAQBAJ 2 The fourth phase of marketing]. The Rise and Fall of Mass [[Marketing]] (RLE Marketing), 25, 8. | * Tedlow, R. S. (2014). [https://books.google.com/books?id=bjyDBAAAQBAJ 2 The fourth phase of marketing]. The Rise and Fall of Mass [[Marketing]] (RLE Marketing), 25, 8. | ||
[[Category:Marketing strategies]] | [[Category:Marketing strategies]] | ||
[[pl:Strategia fazy dojrzałości]] | [[pl:Strategia fazy dojrzałości]] | ||
Latest revision as of 01:40, 18 November 2023
This phase is followed by a decline in sales growth, which is associated with the saturation on the market and the appearance of the other products which meet customers needs. In this phase, managers should adapt the action specific to the current competitive position.
The product maturity phase is a stage in the product life cycle where sales growth begins to slow down and eventually plateau. This phase typically follows the introduction and growth phases of the product life cycle.
Fighting sales decline
There are several strategies that companies can use to prevent a decline in sales during the product maturity phase, including:
- Continuously improving and updating the product to keep it relevant
- Expanding the target market or customer base
- Diversifying the product line
- Implementing a strong marketing and advertising strategy to increase brand awareness
- Developing a strong and loyal customer base through excellent customer service and building customer relationships.
- Creating bundles and packages with complementary products.
- Lowering the prices to increase affordability and attract price-sensitive buyers
- Offering services like maintenance and repair to increase customer retention.
Proposed actions
The dominant competitive position
Strong competitive position
- maintain and grow along with the industry,
- invest company resources
Average competitive position
- keep company position, find a niche and try to protect it
- minimum or/and selective investments
Favourable competitive position
- finding a niche or a gradual withdrawal
- minimum investments or disinvestment
Weak competitive position
- development or gradual withdrawal
- selective investment or disinvestment
| Maturity phase strategy — recommended articles |
| Growth phase strategy — Market maturity — Decline phase strategy — Product strategy — Market expansion — Brand leader — Entering the market — Aggressiveness strategy — Product differentiation strategy |
References
- Tedlow, R. S. (2014). 2 The fourth phase of marketing. The Rise and Fall of Mass Marketing (RLE Marketing), 25, 8.
