What major changes in a marketing strategy may be required as a product moves into the maturity stage of the product life cycle?

Question

What will be an ideal response?

Answer 1

During the maturity phase, the producers who remain in the market are likely to change their promotional and distribution efforts. Advertising and dealer-oriented promotions are typical during this stage of the product life cycle. Marketers also must take into account that as the product reaches maturity, buyers' knowledge of it attains a high level. Consumers are no longer inexperienced generalists; instead, they are experienced specialists. Marketers of mature products sometimes expand distribution into global markets. Often the products have to be adapted to fit differing needs of global customers more precisely.Because many products are in the maturity stage of their life cycles, marketers must know how to deal with these products and be prepared to adjust their marketing strategies. There are many approaches to altering marketing strategies during the maturity stage. To increase the sales of mature products, marketers may suggest new uses for them. Arm & Hammer has boosted demand for its baking soda by this method, providing multiple uses for this product. Because frozen yogurt has reached the maturity phase, Ben & Jerry's has released new flavors and yogurt types to appeal to changing consumer tastes.