GrowthStageThegrowth stage is a period of rapid revenuegrowth.Sales increase as more customers become aware of theproductand itsbenefitsandadditional marketsegmentsaretargeted.Duringthegrowthstage,the goal isto gain consumerpreference and increase sales.The marketing mix may bemodifiedasfollows:Product-New product features and packaging options;improvementofproductqualityPrice- Maintained at a high level if demand is high, orreduced to capture additional customers.Distribution -Distribution becomes more intensive.Tradediscounts are minimal if resellers show a strong interest inthe product.Promotion - Increased advertising to build brandpreference.6
MaturityStageThematuritystage isthemostprofitable.While salescontinue to increase into this stage,they do so at a slowerpace.Duringthematurity stage,the primary goal istomaintain market share and extend theproduct life cycleMarketingmixdecisionsmayinclude:Product -Modificationsare made and features are addedin order to differentiate the product from competingproducts that may have been introduced.Price-Possible price reductionsin response to competitionwhile avoiding a price war.Distribution -New distribution channels and incentives toresellersinorderto avoid losing shelf spacePromotion-Emphasis on differentiation and building ofbrand loyalty.Incentivesto get competitors'customerstoswitch