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decision point: sustaining growth it has now been 3 years since burnin' rock was launched, and after a shaky start in the introduction stage, the product appears to be entering the maturity stage of the product life cycle. product sales remain strong, but many competitors have entered the market. the vice president of marketing stops by your office and asks how you plan to sustain burnin' rock's market growth.

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Tundexi

As the firm's product is about to enter the maturity stage of the product life cycle, that is, it is still in growth stage where the product sales remain strong and many competitors have entered the market, the strategies that will help to improve the product growth are:

  • improving product quality.
  • adding new product features
  • adding support services to grow your market share
  • entering a new markets segments
  • keeping the pricing as high to keep demand and profits high.
  • increase of distribution channels to cope with growing demand.

What is a product life cycle?

Basically, it refers to the length of time from which a product is introduced to consumers into the market until it is been removed from the shelves. It is used by management and marketing professionals as a factor in deciding when it is appropriate to increase advertising, reduce prices, expand to new markets, or redesign packaging.

The four stages in a product's life cycle are:

  • introduction,
  • growth,
  • maturity,
  • decline.

Read more about product life cycle

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