How to Extend a Product's Life Cycle

At some point in a product's life cycle, it reaches a maturity stage, wherein there is a slowdown on the rate of sales growth.

Mumbai, India (prHWY.com) December 18, 2012 - This stage poses challenges to marketing management to extend the life cycle of the product and delay the stage of decline. There are many strategies that can be implemented to achieve this.

Market Modification

The company can elect to expand the market for its mature brand by working on increasing the number of brand users as well as the usage rate per user. Increasing the number of brand users can be achieved through:

1. Converting non-users: This strategy can be observed in Cebu Pacific, which clearly targets the middle class. Their ridiculously low fares communicate the message that really, "it's time every Juan flies."

2. Enter new market segments: The Company may also opt to introduce the mature product to a new market segment. For example, baby powder may also be promoted to pre-teens, teenagers, and even to the adults.

3. Win competitor's customers: This strategy is being implemented in the LPG industry. Non-users are allowed to purchase LPG of their brand using their current LPG tank.

Bhaumik Rathod
Mumbai, IND
Email: bhaumikrathhod@yahoo.com
Full Article Source: Product's life cycle
For Case Study on product's life cycle and more Visit: Casestudy.co.in

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Tag Words: product life cycle, brand, strategy, market segment

Categories: Business

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