What is Product Maturity?

Product maturity is the third and most profitable stage of the product life cycle. During this stage, production and marketing costs decrease and sales stabilize. However, the market may also become saturated and growth slows down. Companies should brainstorm to innovate the product to expand their market share and create a brand preference for consumers. Competition also peaks at this stage, so price, branding, and product differentiation are critical for continued success. Companies endeavor to prolong the product maturity stage to maintain good results and stay on top of competitors.