Marketing Strategies at Maturity Stage of PLC(1)
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Marketing Strategies at Maturity Stage of PLC
Subject: Research Methods and Techniques
Group Members:
Waleed Bin ZahidArsal RizviFaizan KhanMohammad Muneeb
Submitted: Miss Salma
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MARKETING STRATEGIES AT MATURITY STAGE OF
PLC.
INTRODUCTION:
Every product that enters into market has to go through a life cycle which is known as
product life cycle (PLC). Products have a limited life. Every stage possesses different
challenges and opportunities for the seller. Products require different marketing
strategies in each life cycle stage.The product life cycle (PLC) has 4 different stages and their characteristics are:
1. Market introduction stage 1. costs are very high2. slow sales volumes to start3.
little or no competition4. demand has to be created
5. customers have to be prompted to trythe product
6. makes no money at this stage2. Growth stage 1. costs reduced due to economies of
scale
2. sales volume increases significantly3. profitability begins to rise4. public awareness increases5. competition begins to increase with a
few new players in establishing market
6. increased competition leads to pricedecreases
3. Maturity stage 1. costs are lowered as a result ofproduction volumes increasing and
experience curve effects
2. sales volume peaks and marketsaturation is reached
3. increase in competitors entering themarket4. prices tend to drop due to the
proliferation of competing products
5. brand differentiation and featurediversification is emphasized to
maintain or increase market share
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6. Industrial profits go down4. Decline stage 1. costs become counter-optimal
2. sales volume decline3. prices, profitability diminish4. profit becomes more a challenge of
production/distribution efficiency than
increased sales
Following graph shows the changes that occur in sales of product as time passes by. From graph
we can see that during maturity, sales are at their peak and then the decline stage starts and
gradually the sales decline too.
Fig: Graph of PLC
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ORGANIZATION OF THE REPORT:
Figure: Organization of the Report
RESEARCH PURPOSE:
The purpose of this research is to determine following factors:
What are the marketing strategies at maturity stage of product in its life cycle? How to retain the market share of the product in its maturity stage? What factors help in gaining more market share of a mature product?
1. INTRODUCTION
2. LITERATURE REVIEW
3. METHODOLOGY AND LIMITATIONS
4. FINDINGS OF THE RESEARCH
5. CRITICAL ANALYSIS
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LITERATURE REVIEW:
The product life cycle provide some essential perspective for the making of marketing
programmes or strategies. Every phase in PLC has a distinct characteristic and strategy for a
particular phase may be unimportant for another phase (Abell and Hammond, 1979).
Pessemier, (1977) proposed that the strategy of a product may change according to the
demand and competitive situations in the various phases of a product throughout the lifecycle.
There are 4 basic stages for PLC, introduction, growth, maturity and decline.
INTRODUCTION STAGE: Where the demand of the product just begins to grow.
Due to less demand at this stage the costs are high and the sales volume are low as also the
competition is quite less in the market. Demand has to be created so that customers are
inclined towards trying the product. Competitors tend to be few in number, indeed there may
be only one major player in the marketplace -- the innovating firm
GROWTH: Where there is high market demand for the product. During this stage the costsare reduced due to higher sales volumes as also the competition starts to begin with newer
players. Prices are aimed to increase the market share along with profitability being high.
Competition continues to grow throughout this stage. As competitors recognize profit potential
in the market, they enter the market with their own versions of the product. As competition
intensifies, strategies turn to those that will best aid in differentiating the brand from those of
competitors. Attempts are made to differentiate and find sources of competitive advantage. In
addition, firms identify ways in which the market can be segmented and may develop focused
marketing strategies for individual segments.
MATURITY:When demand stables. During this period the costs are low and sales volume
peaks with increase in competition .Prices tend to drop and industrial profit go down.
Competition is most intense during this stage. The intensity of competitive in-fighting drives the
changes in costs and profitability.
DECLINE: Demand saturates and tends to fail. Costs become counter-optimal and sales
volume decline or stabilize. While profit becomes more a challenge of production/distributionefficiency than increased sales. There generally are a significant number of competitors still in
the industry at the beginning of decline. However, as decline progresses, marginal competitors
will flee the market. As a result, competitors remaining through decline tend to be the larger
more entrenched competitors with significant market shares.
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Avvari V. Mohan,K.N. Krishnaswamy, (2006) found out that in maturity, there are five MP
(Marketing Program) variables that are prominent in terms of their means are market
segmentation, need determination in new markets, improve product styling, targeting re-
purchases and improving product quality. Some other elements like expenses, addition of
features, sales promotion, designing, line extension are also important. Market development ismore useful then product development in maturity stage.
When a product reaches to maturity, a greater standardization is suggested along with the
lower product differentiation. (Dean, 1950)
Strategies for maturity stage of PLC: Levitt and Wasson, (1965) found out that in this phase,
marketing tries to maintain market share and sales and at the same time find new markets.
Market segmentation, increasing product line), increased advertising, increasing
complementary products, consolidating distribution, price reductions are some of the
important elements of MP in this phase. Hoffer (1975) further concluded that product
differentiations, product differentiation through advertising, reduction of distribution extensity
are some strategies given by. Segmentation of the market is key strategic action.
William E. Cox Jr. (October 1976) found that the maturity stage is divided into three phases:
growth, stable and decaying maturity. In the first phase, the sales growth starts to decline.
There are no distribution channels to fill. New competitive forces emerge. In the second phase,
sales flatten on a per capita basis because of market saturation. Most potential consumers have
tried the product and future sales are governed by population growth and replacement
demand. In the third phase, decaying maturity the absolute level of sales starts to decline andcustomers begin switching to other products.
Marketing should cut extra ordinary expenses but pricing should be premium, means there
should be cost reduction strategy (Hambrick et al., 1982a). Other authors stress upon superior
product quality, increase in sales efforts, marketing and advertising expenditures and
manipulation of prices. (Hoffer, Wasson, 1975). The main aim and objective of all these
activities and strategies is to maintain the market share for the product.
Pessemier (1977) states that the promotional emphasis will be a price and marketing
expenditures will be moderate and the selling approach is based on the value of the product.The distribution strategy is to increase intensity and extensity, if the strategy to move to new
markets.
Hofer (1975) discusses in detail all aspects of business strategy at this phase of the PLC. The
degree of product differentiation and the nature of buyer needs, he states, are the two
important determinants at this phase based on which he presents secondary normative
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propositions. If the product differentiation is low, Hofer (1975) proposes that the business
should attempt to segment the market or seek vertical integration. If the differentiation is low,
but other aspects like buyer needs are non-economic, then universal marketing strategy should
be used and increase marketing expenditures. In the case of high degree of product
differentiation marketing should develop service capabilities and expand geographically ormaintain and enhance distinct competencies in their marketing area and seek improvements in
their products.
Jordan P. Yale (November-December 1965) states that the third phase of maturity poses the
most challenges. The sales decline creates overcapacity in the industry, which leads to intense
competition. Competitors scramble to find niches. They engage in frequent markdowns. They
increase advertising and trade and consumer promotion. They increase R&D budgets to
develop product improvements and line extensions. They make deals to supply private brands.
A shakeout begins, and weaker competitors withdraw. The industry eventually consists of well
entrenched competitors whose basic drive is to gain or maintain market share.
RETENSION OF MARKET SHARE IN MATURITY PHASE:
Now, we review some pertinent literature about market share strategies in maturity stage of
plc.
WHAT IS MARKET SHARE?
Market share is a term used to represent a product or service's popularity and customer base.
Retaining that base of popularity has to do with a company's ability to not lose popularity.
The definition and computation of a market share figure raises three major operational
problems: What measure of sales is to be used? What market are we in? Against which brands
is our product competing?
The competitive value of market share for a product varies with its stage in the product life
cycle.
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STRATEGIES TO RETAIN MARKET SHARE:
Follow up with your customers. Many companies get complacent with the customers that they
already have and do not take the time to check up on them periodically. Also personalize the
service that you give your customers. Find a way to celebrate victories and special events withyour customers.
Give them something not offered by any other competitor. A unique offering differentiates us
from our competition. Most times this is an added feature, sometimes it's a better delivery
system. It can even be the product or service itself.
CONCLUSION:
Dominating the industry are a few giant firms.perhaps a quality leader, a service leader, and
a cost leaderthat serve the whole market and make their profits mainly through high volume
and lower costs. Surrounding these dominant firms is a multitude of market niches including
market specialists, product specialists, and customizing firms. The issue facing a firm in a
mature market is whether to struggle to become one of the big three and achieve profits
through high volume and low costs, or to pursue a niching strategy and achieve through low
volume and high margin. Sometimes however the market will become polarized between low-
and high-end segments, and the firms in the middle see their market share steadily erode.
CONCEPTUAL FRAMEWORK:
In this study we look into how to retain market share in maturity stage of product life cycle. In
maturity stage, product support must be maintained in order to keep your existing customer
base satisfied. Very rarely will customers switch to a competitive product during this phase. The
industry philosophy tends to be "if its not broke, don't fix it."
Now is the time to handle any adverse perceptions that may have developed such as reliability
issues. Marketing communications efforts should be targeted at improving customer
perceptions. Advertising and public relations activities should reinforce your brand image as a
market leader. All these strategies are used to maintain a products market share. On the other
hand, firms dont just maintain the market share of mature products, but also tries to raise it by
emphasizing on market development programs like entering new markets and market
segmentation.
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Other variables for measuring the market share strategy are:
Advertisement efforts Sales promotion
Market development Product development Product differentiation Price manipulation
RESEARCH METHODOLGY:
In the previous chapter we brought up literature connected to our research questions. In this
chapter we will discuss our research methodology choices made for our study. This section
clarifies the ways and techniques used to gather information and how to practice it. Thisincreases the possibility to receive appropriate answers on our research questions and make
valuable conclusions.
RESEARCH DESIGN:
Our research will take place in two phases.
PHASE 1: PILOT STUDY
SAMPLE & PROCEDURE:
First of all, questions to be asked in interviews would be pilot tested among a small sample of 3
consumer goods manufacturers. The procedure will be that the relative executives of selected
companies were given the open-ended questionnaire to be filled. Pilot study data will be
analyzed and results will be formulated.
PHASE 2: MAIN STUDY
SAMPLE & PROCEDURE:
After the pilot study and its analysis, we move towards the main study, we take sample of 9
consumer goods manufacturers. 3 of those would have high market share, 3 having average
share and the remaining are having low market share. We make this criterion in order to get
closer results to that of population. Then, we will conduct face to face interviews to the
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directors marketing of respective companies. After data collection, it will be analyzed by the
help of SPSS.
SAMPLING:
Convenient sampling technique will be used for the research.
POPULATION:
This study is being conducted in order to determine the marketing strategies to retain market
share in maturity phase of the product. All the consumer goods manufacturing companies in
Karachi are the population for this study.
SAMPLING FRAME:
Manufacturers of consumer goods in Karachi.
SAMPLE:
Consumer goods manufacturers
3 companies having high market share
3 companies having average market share
3 companies having low market share
SAMPLE SIZE:
N= 9 companies.
DATA COLLECTION SOURCES:
The focus of this study is on the marketing programs or strategies. The importance of primary
data cannot be neglected; however, secondary data will also be collected to augment the study.
Books, articles and journals will be used as sources of secondary data.
DATA COLLECTION INSTRUMENT:
The researcher will collect data by conducting face to face interviews with the relative
executives. The questions to be asked in the interviews will be of open-ended type in order to
get a better understanding about the strategies used to retain the market share of mature
products.
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LIMITATION OF THE RESEARCH:
The topic selected for the research falls into a broad area. Limits of both resource and time led
us to focus the research on few specific questions. The research is done only in the consumer
markets. Industrial markets may have different point of view regarding same questions. Only
view points of manufacturers of consumer goods taken as a representation of the population.Therefore, this study cannot be generalized.
Data Collection:
As it has been discussed before that data for this study is collected by both primary and
secondary sources. The interviews conducted from the marketing executives of our sample
companies has questions like what impact does advertising efforts help in retaining marketshare of mature products? How much emphasize should be on sales promotion of a product at
maturity stage in order to gain market share? Should companies go for gaining more market
share or they should sustain their share? Should there be price manipulation in maturity stage
of product? Since there is a lot of standardization in maturity products, how companies should
differentiate their products from that of their competitors?
Since there are mostly qualitative data, therefore, the analysis will be done by the researchers
themselves or with the help software. For the quantitative data, SPSS will be used to analyze
the data.
Analysis:
We have collected both quantitative and qualitative data. The qualitative data was analyzed by
content analysis technique which is defined as a research method for the subjective
interpretation of the content of text data through the systematic classification process of
coding and identifying themes or patterns (Hsieh & Shannon, 2005, p.1278). The individual
interviews produced the data in the form of notes was analyzed by the help of software likeETHNOGRAPH which systemize and facilitates all the steps in qualitative analysis.
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Conclusion:
We wanted to know marketing strategies at maturity stage of product life cycle. Every product
goes through 4 stages i.e. Introduction, growth, Maturity and Decline. It can be concluded that
to retain market share in maturity stage of product life cycle organizations uses variousstrategies such as advertising, sales promotion, product differentiation that helps to retain
market share. But, only few companies manage to get the real success which focus on quality at
economical cost by providing something extra than others.
References:
Hofer, C.W. (1975), "Toward a contingency theory of business strategy", Academy of
Management Journal, Vol. 18 No.4, pp.785-810.
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Levitt, T. (1965), "Exploit the product life cycle", Harvard Business Review, pp.81-94.
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rft.issue=
http://psychology.about.com/od/psychologywriting/ht/method.htm
http://www.jstor.org/stable/1250388http://www.jstor.org/stable/1250388http://learningstore.uwex.edu/assets/pdfs/g3658-12.pdfhttp://learningstore.uwex.edu/assets/pdfs/g3658-12.pdfhttps://www.contentscm.com/vlib/order/OpenURLReceive.aspx?clientid=8710&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.atitle=&rft.jtitle=Strategic+Market+Planning+Problems+and+Analytical+Approaches&rft.volume=&rft.issuehttps://www.contentscm.com/vlib/order/OpenURLReceive.aspx?clientid=8710&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.atitle=&rft.jtitle=Strategic+Market+Planning+Problems+and+Analytical+Approaches&rft.volume=&rft.issuehttps://www.contentscm.com/vlib/order/OpenURLReceive.aspx?clientid=8710&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.atitle=&rft.jtitle=Strategic+Market+Planning+Problems+and+Analytical+Approaches&rft.volume=&rft.issuehttp://www.emeraldinsight.com/journals.htm?articleid=1575507&show=abstracthttp://www.emeraldinsight.com/journals.htm?articleid=1575507&show=abstracthttp://www.emeraldinsight.com/journals.htm?articleid=1575507&show=abstracthttps://www.contentscm.com/vlib/order/OpenURLReceive.aspx?clientid=8710&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.atitle=&rft.jtitle=Marketing+Management&rft.volume=&rft.issuehttps://www.contentscm.com/vlib/order/OpenURLReceive.aspx?clientid=8710&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.atitle=&rft.jtitle=Marketing+Management&rft.volume=&rft.issuehttps://www.contentscm.com/vlib/order/OpenURLReceive.aspx?clientid=8710&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.atitle=&rft.jtitle=Marketing+Management&rft.volume=&rft.issuehttp://psychology.about.com/od/psychologywriting/ht/method.htmhttp://psychology.about.com/od/psychologywriting/ht/method.htmhttp://psychology.about.com/od/psychologywriting/ht/method.htmhttps://www.contentscm.com/vlib/order/OpenURLReceive.aspx?clientid=8710&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.atitle=&rft.jtitle=Marketing+Management&rft.volume=&rft.issuehttps://www.contentscm.com/vlib/order/OpenURLReceive.aspx?clientid=8710&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.atitle=&rft.jtitle=Marketing+Management&rft.volume=&rft.issuehttps://www.contentscm.com/vlib/order/OpenURLReceive.aspx?clientid=8710&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.atitle=&rft.jtitle=Marketing+Management&rft.volume=&rft.issuehttp://www.emeraldinsight.com/journals.htm?articleid=1575507&show=abstracthttps://www.contentscm.com/vlib/order/OpenURLReceive.aspx?clientid=8710&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.atitle=&rft.jtitle=Strategic+Market+Planning+Problems+and+Analytical+Approaches&rft.volume=&rft.issuehttps://www.contentscm.com/vlib/order/OpenURLReceive.aspx?clientid=8710&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.atitle=&rft.jtitle=Strategic+Market+Planning+Problems+and+Analytical+Approaches&rft.volume=&rft.issuehttps://www.contentscm.com/vlib/order/OpenURLReceive.aspx?clientid=8710&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.atitle=&rft.jtitle=Strategic+Market+Planning+Problems+and+Analytical+Approaches&rft.volume=&rft.issuehttp://learningstore.uwex.edu/assets/pdfs/g3658-12.pdfhttp://www.jstor.org/stable/1250388 -
7/27/2019 Marketing Strategies at Maturity Stage of PLC(1)
14/14
Marketing strategies at matur ity stage of PLC.
14 | P a g e
en.wikipedia.org/wiki/Product_life-cycle_management_(marketing)
www.netmba.com/marketing/product/lifecycle/
http://www.google.ca/imgres?imgurl=http://www.netmba.com/images/marketing/product
/lifecycle/lifecycle.gif&imgrefurl=http://www.netmba.com/marketing/product/lifecycle/&h
=254&w=309&sz=4&tbnid=mWNSVuUXXr5xnM:&tbnh=90&tbnw=109&prev=/search%3Fq
%3DProduct%2BLife%2BCycle%26tbm%3Disch%26tbo%3Du&zoom=1&q=Product+Life+Cycl
e&usg=__I_lbXlnqWMcdvM2Qzf5qdFK0fL0=&docid=6ONlJdlLJZ1wEM&hl=en&sa=X&ei=Gfe
8T8_QLo_LrQfNh4isDQ&ved=0CHAQ9QEwAw&dur=238
http://www.urenio.org/tools/en/Product_Life_Cycle_Management.pdf
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