Maturity Stage – During the maturity stage, the product is established and the aim for the manufacturer is now to maintain the market share they have built up. This is probably the most competitive time for most products and businesses need to invest wisely in any marketing they undertake. They also need to consider any product modifications or improvements to the production process which might give them a competitive advantage. i think this would be the best time for the company to purchase an emerging technology.
There are four stages of a product life cycle which are:
Introduction stage: as this stage the product is introduced into the market in commercial quantity after it has been produced/manufactured in the industry
Growth stage: at this stage the product is beginning to get much customers unlike the introduction stage and at this stage the product have started carving a niche for itself in the open market.
The MATURITY stage : at this stage the product is well settled in the market and the introduction of emerging technology to keep the pace up with other competitors is highly needed
The decline stage : at this stage if the maturity stage is not properly managed the decline stage will set in leading o failure in business
The maturity stage is a very critical stage of every product life cycle
