When we talk about product maturity, we are referring to the various stages that a product goes through in its life cycle. These stages include introduction, growth, maturity, and decline.
Product maturity is the stage in a product's life cycle where sales growth begins to slow down after reaching its peak during the growth phase. It marks the point at which a product has reached maximum market penetration and demand starts declining as it faces competition or innovation from new entrants.
There are certain indicators you can look for to identify when your product has started maturing such as plateaued sales trends over time period (month/quarter/year), customers switching away from established brands/competitors towards newer options or lower-priced solutions finally diminishing stock turnover with retailers/vendors.
Recognizing when your product hits maturity allows you to prepare for future challenges including changes/trends affecting industry overall customer needs evolving competition increasing etc….
In order to address challenges that come with a matured market & reduce impact of diminishing returns there are several actions you could take such as finding new ways/selling channels - targeting specific niches/repositioning/ramping up production lines/service model restructuring/introducing special feature/add-ons/cross-selling alternative items partnering/expanding overseas…
It’s important to recognize when products hit their peaks so we can strategize for navigating decreased sales while still capitalizing on our strong standing in relation competitors maintain relevance remaining profitable.
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5.A Guide To The Project Management Body Of Knowledge by PMI
