Sustaining Excellence: Managing Mature Products in the Life Cycle
Best Professional Courses on Product-Management
Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitThe Importance of Managing Mature Products
While the initial launch and growth stages of a product's lifecycle are undoubtedly critical, the mature phase is equally significant for several reasons:
1. Revenue Generation:
Mature products often constitute a substantial portion of a company's revenue. Efficiently managing and optimising these products can have a significant impact on the bottom line.
2. Customer Loyalty:
Customers who have been using a product for an extended period are likely to develop strong brand loyalty. Maintaining and enhancing the product's quality keeps these loyal customers satisfied.
3. Market Presence:
Mature products have an established presence in the market. Companies can leverage this presence to cross-sell, upsell, and expand into related markets.
4. Innovation Opportunities:
Mature products can serve as platforms for innovation. Enhancements, feature additions, and adaptations to changing market needs can keep the product relevant.
5. Competitive Advantage:
Effectively managing a mature product can provide a competitive advantage by ensuring that it remains the preferred choice for customers in the market.
6. Profitability:
Mature products are often more profitable than newer ones because development and marketing costs have already been recouped.
Strategies for Managing Mature Products
Managing mature products
Read on economictimes.indiatimes.com
