maturity stage
(noun)
when a product is no longer in the growth stage, but not yet in the decline stage
Examples of maturity stage in the following topics:
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Maturity
- During the maturity stage, sales will peak as the product reaches market saturation, and competition will grow increasingly fierce.
- The maturity stage follows the growth stage in the product's life cycle (see ).
- The stage that lasts the longest in the product life cycle is the Maturity stage.
- So, during the maturity stage, the following occurs:
- Identify the market conditions of a product in stage 3, maturity of the product life cycle.
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Product Life-Cycle Curve
- Differing products possess different product life cycle "shapes. " A fad product develops as a steeply-sloped growth stage, a short maturity stage, and a steeply-sloped decline stage (for instance, the pet rock phase in the 1970s).
- The duration of each product's life cycle stage is unpredictable, making it difficult to detect when maturity or decline has begun.
- They show that the product does not make much profit during early periods of the life cycle, meaning the maturity stage must be extended to maximise profits.
- Facebook is in the mature phase of the product life cycle.
- Thus, we can say that Facebook is comfortably in the maturity stage.
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Stages in the Product Life Cycle
- There are four stages in the product life cycle: introduction, growth, maturity, and decline.
- There are four stages in the product life cycle: introduction, growth, maturity, and decline .
- At this stage of the life cycle, the company usually loses money on the product.
- In the maturity stage of the product life cycle, sales will reach their peak.
- There is no set schedule for the stages of a product life cycle.
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Growth
- During the growth stage, the public becomes more aware of the product; as sales and revenues start to increase, profits begin to accrue.
- Mini tablets, such as the iPad mini, Google Nexus 7, or Amazon Kindle Fire, are in the growth stage at the moment.
- If a monopoly was initially created, then it still exists in this stage.
- The graph shows the growth stage in the overall product life cycle.
- Identify the conditions that exist when a product is in stage 2, growth of the Product Life Cycle
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Decline
- The decline stage of the product life cycle is the one where the product ultimately 'dies' due to the low or negative growth rate in sales (see ).
- This stage of the product life cycle is the terminal stage where sales drop and production is ultimately halted.
- Identify the characteristics of a product in the decline stage of the product life cycle.
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Impact of the Product Life Cycle on Marketing Strategy
- The stage of the life cycle of the product affects how it is marketed.
- Products typically go through four stages:
- It gains more and more customers as it grows and, eventually, the market stabilizes and the product becomes mature.
- At maturity, the strong growth in sales diminishes.
- They can rescue products struggling in the maturity phase of their life cycles and get them back to the growth phase.
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The Product Life Cycle
- Every product goes through the various life cycle phases of introduction, growth, maturity and decline.
- The product life cycle begins with the introduction stage (see ).
- A good product manager should find new products to replace those that are in the declining stage of their life cycles; learning how to manage products optimally as they move from one stage to the next.
- This stage is characterized by a low growth rate of sales as the product is newly launched and consumers may not know much about it.
- However, this stage also offers its share of opportunities.
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When to Modify Products
- While the decision to modify products happens ideally at the design stage, products can be changed during any phase of the life cycle.
- Products travel through market introduction, growth, maturity, saturation and decline, posing different challenges, opportunities and problems to manufacturers and sellers depending on industry and target audience.
- At the design stage, developers and engineers must assess the importance of various requirements from a wide range sources.
- Factors that can influence whether products are modified at the design stage include:
- Product recalls, which can happen at any stage of a product life cycle, are costly and can severely damage a brand's reputation if managed poorly.
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Stages of Adopters
- Everett Rogers categorizes the five stages (steps) of adopters as:
- The five stages of the adoption process are:
- Due to the individualistic nature of this stage, Rogers notes that it is the most difficult stage to acquire empirical evidence.
- Confirmation: Although the name of this stage may be misleading, in this stage, the individual finalizes his or her decision to continue using the innovation and may end up using it to its fullest potential.
- This chart depicts the five stages of the diffusion of innovation.
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Product, Placement, Promotion, and Price
- Every product is subject to a life-cycle that starts with its introduction and is followed by a growth phase, a maturity phase, and finally a period of decline as sales falls.
- Marketers must do careful research on the length of the product's life-cycle and focus their attention on different challenges that arise as the product moves through each stage.