STUDENTS' CORNER - 143
We will look into the Maturity stage of the life cycle of the product
and its features and challenges to the marketers.
The Maturity Stage, closely comparable
to the adult phase in an individual’s life, is generally longer than the other
phases. The growth has reached its peak, so to say, leaving no room for further
growth. The product has grown enough in the market; that is, the sales of the
product have reached the maximum level; no amount of the marketing efforts
appears to yield new results in terms of increase in the volume of the sales.
No new customers are seen.
There are other factors too for
consideration. New competitors have
entered the field and it is possible they have harnessed newer techniques and
technologies to record their presence in the market. In such circumstances, it
is likely that a fraction of the existing customers might feel tempted to try a
new product. To put the fact simply, the sales growth has begun to climb down.
No business house accedes to defeat
easily; it takes all steps it can to restore its earlier stage of having a good
market share with prospects of growth or at least to retain its position. The
proven steps the company in a maturity phase takes are focused on its design
modification, price adjustment, intensifying promotional initiatives and
finding another target market.
All these measures are taken with great
caution. To add force to the appeal of the product, after careful
consideration, the packaging can be modified with new set of colours which
enjoy great reception. Utility value of the product can be enhanced adding some
innovative measures to attract and retain the existing customers. Change of
colour is enjoying great popularity when it comes to revising the design of the
product. Car selling company can explore the possibility of adding some new
colours to its existing colour list. The company can even give some new name to
In so many ways, marketing a mature
product can be planned taking into consideration the market scenario.
We will go to Decline stage in our next session.