Maturity Stage
This article covers meaning & importance of Maturity Stage from marketing perspective.
What is Maturity Stage?
Maturity stage is when a product has been established in the market in the PLC. Maturity stage of a product is said to be attained when the product has reached its pinnacle in sales and the volume sales growth tend to stagnate. In the maturity stage, the company reaps benefits as customers have the need of the product and the sales volumes are high to generate profits for the company.
Maturity stage is the third stage as per the product life cycle (PLC) journey for a product. A product is launched in the market in the introduction stage and then grows in the growth stage. Once a product is established in the maturity stage, the sales volumes are consistent which helps generate profits for the company. Eventually, every product starts to slow down and then it enters the decline stage.
Importance of Maturity Stage
Maturity stage gives the company the momentum to sells its products & goods. There is high brand and product awareness, and customers have the need of the product. This is the stage where a company can maximize its sales & profits with limited investments and marketing costs. However, over a long period of time in the maturity stage, the product value or the perceived value starts diminishing. The marketing challenge then is to increase the sales to the same pool of potential consumers who are now being allured by the reduced prices of the competitor brands.
Hence, this concludes the definition of Maturity Stage along with its overview.
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