Maturity Phase Marketing Mix
Because different phases of the product life cycle are likely to present different challenges, it is usually a good idea to develop a marketing mix strategy specific to that particular phase of the life cycle. As your product moves into the maturity phase it is important to remember the overall objectives; to maximize profit and to defend your market share.
Once your product moves into the maturity phase it’s time to start fine tuning your end game strategy. A great way to provide a little stability for your company is to build a diverse portfolio of brands. Think of it like stocks; a diverse a portfolio typically relates to a stable portfolio. By moving some of your resources into other products you can start typically spread out your risk. This is a great time to be thinking about future products. If possible, consider building or reinventing products based on your current capabilities and assets.
At this point in the product life cycle, the market has pretty much seen all there is to see. Many of the products are similar in features and even provide many of the same benefits. It is usually a good idea to price your product near your competitors. It’s not very likely that a consumer would pay more in such a competitive market.
With so many similar products in the market, you will need to be creative in how you distribute your product. Try to really expand upon your current distribution channels and get your product in every nook and cranny.
With competing brands chomping at the bit for your market share, you will likely need to increase the product’s promotions. Remember, at this point in the product life cycle, many brands are starting to look a lot alike. So if you are going to convince consumers to buy your brand, you will likely need to offer them some type of incentive to do so. Be sure to do this wisely though. At the end of the day we are trying to maximize profit, not just increase revenue.