What are the characteristics of market maturity stage?

The market maturity stage is a phase in the product life cycle characterized by stable or slowing growth rates. It usually occurs after the initial period of rapid growth and market expansion. In this stage, competition becomes intense as multiple competitors enter the market, and market saturation may be reached. The characteristics of market maturity include fewer opportunities for significant market share gains, customer preferences becoming more stable, increased price sensitivity, and a slowdown in innovation and product development. Companies often focus on maximizing profitability through cost-cutting measures, market segmentation strategies, and differentiation efforts to maintain their position in the market. The emphasis shifts from market expansion to defending market share and long-term sustainability.

This mind map was published on 1 November 2023 and has been viewed 62 times.