Mature Stage Of Marketing Product Life Cycle

Market segmentation can aid you, as a small business owner, to extend your product’s marketing product life cycle.

I recently published an article comparing the introduction and growth stages of the marketing product life cycle to the birth of a baby and its growth through childhood.

In this post, I continue the comparison of growing your product, like you nurture a child into adulthood.

It covers how you can extend the maturity or adulthood stage of your marketing product life cycle using market segmentation.

Maturity Stage of Your Marketing Product Life Cycle

In the maturity stage of your product’s marketing product life cycle, your product reaches adulthood. During this stage, you can expect sales to continue increasing, but at a slower pace than in the growth stage.

Part of the decrease in sales results from more competitors capturing a piece of your product’s market. Increased competition often demands that you decrease your product’s price in order to retain its market share.

Thus, your main marketing goal during the maturity stage of your marketing product life cycle is to maintain market share. This sometimes requires:

• modifying your product to make it more competitive,

• lowering your product’s price,

• providing additional incentives to your resellers, and

• emphasizing your product’s distinguishing characteristics through branding.

Market segmentation will enable you to successfully survive the maturity stage of your marketing product life cycle by:

using competition segmentation to determine competitive products’ strengths and weaknesses,

conducting a competition analysis to determine your product’s strengths and distinguishing characteristic, and

doing a price analysis to determine the best price for your product in order to keep your market share while still making a profit.

If you use market segmentation in these ways, you’ll be able to compete better and can keep your product bringing in sales and profits longer.

Tomorrow’s blog will cover how market segmentation can extend the decline stage of your marketing product life cycle.

To learn more about market segmentation, get my free report by completing the form below.

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