Business Essay Example | Topics and Well Written Essays - 500 words - 5

Business - Essay Example (Keegan & Moriarty, 1998) 3. GROWTH STAGE: It is a stage of Product Development in which the product starts selling and profits are higher as compared to the initial stage. Sales starts climbing quickly and the expenses are lower because the product has been catered in the minds of the target audience and everyone is familiar with the product. It is stage where company doesn’t do any type of marketing and promotion expenses and tries to cover all the expenses that has been done in the Introduction stage. (Kotler & Armstrong, 2001) 4. MATURITY STAGE: It is a PLC stage where the product sales slows and eventually becomes zero. It is a stage where the product is matured and the consumers want some new product to be catered to them. Companies apply certain strategies to their product to cater the changing needs of consumers and try to save their product from going in the decline stage. There are three strategies that managers apply in maturity stage: (Keegan & Moriarty, 1998) i. Modifying The Market: It is a strategy in which company tries to modify its target Market by catering to different types of consumers according to their needs. The company can also reposition their product to appeal to different segments of the market. (Keegan & Moriarty, 1998) ii. Modifying The Product: It is a strategy in which the company tries to modify its product by changing their characteristics such as features, quality, packaging or changing the style of a product. By doing this can attract consumers as they will see a different picture of that product. It can also improve product performance as well as reliability. (Keegan & Moriarty, 1998) iii. Modifying The Marketing Mix: It is a strategy in which company changes one or more elements of Marketing Mix such as price, the product packaging, the place of product and etc. It can also do new marketing techniques to appeal their target