When the products have already reached the maturity stage acceptance in the market, sales will peak, and start to decline at the maturity stage. The Declining is due to factors such as the change in consumer preferences, technological advances, fashion, innovation or new competitors.
During this stage, a lower sales level than they reached at their peak. Thus, the company should consider the ways to prevent the products from the end of its life in order to continue to compete with the competitors and gain market share. The companies need to think about how materials or ideas from your service or product can be recycled.
How to prevent?
Make Improvements
- Companies need to improve the product by introducing new ideas or feature to the product to attract consumers, even there are small improvements. However, they have to
observe the problems first, before the declining stage, to find ways to refresh the products. For instant, almonds, the companies try to come up with variety
type of the packages: make it more modern, to respond to consumer preferences. The products are contained in small or big plastic bags that are less expensive than contain in can, or some provide reclosable bags such as Zipper bag to keep freshness of taste. The consumers will choose the package depend on their preference. Even the sale of can almond decline, however, the company still sale almonds that contain in other type of packages which can prevent from the end of product life.
Change the product portfolio
- As the technology rapidly changed, the product life cycle has speed up and created the need for companies to introduce new products much more quickly. For example, many popular products, such as the iPod, are in the maturity stage at the moment. Apple Company managed to extend their lif
e by introducing the iPod touch which includes new features, applications and touch screen that are more useful for the consumers. However, this involves risk if the companies are too early introducing the new product. The new will cut off the olds sale before extremely get full profit. On the other hand, if you wait too long, a competitor may beat you to market with a new product that steals sales from your existing product.
Patcharaporn Praewpraikul
Patcharaporn P 