Maturity - Product Life Cycle

This refers to the 3rd stage of a product lifecycle where a product's peak sales gradually start to diminish as the demand for the product decreases. Competition may be a binding factor in its maturity as other innovative products may be released in order to excite and dominate the market.

In this process;

1. The products specific features may be enhanced or improved in order to re-sell the product. For example, a car may offer alloy weels, new colours and sports versions in order to recuperate any losses and or further maximise profit.

2. Prices may be lowered in order to try and fight of competition.

3. Distribution becomes increasingly intensive, and incentives could be offered in order to try and increase sales.

4. Promotion would include differentiation, thus hopefully instigating in new customers being made.