Assignment No. 02 Marks: 15
You have incorporated your company in 1995. Within few years, your detergent with brand name “Happy-Wash” has gained huge success due to its unique “soft on hands” and “stain-removing” formula. Slowlyand gradually the market has matured as the rival brands have also included the same features and are doing quite well. You still hold a well established position in the market and your brand loyalty is still there but it needs to be maintained and developed further in order to avoid your brand from getting lost in the strong clutter of competitor’s brands. To avoid the brand from falling into the haunting depths of decline stage, you need to make certain adjustment to prolong or extend the maturity stage of your brand life cycle. There are many products that enter the decline stage and are then cycled back in to the growth stage through strong promotion, repositioning or many other growth strategies. You also have many options through which you can prolong the maturity stage and keep on reaping the benefits of your established brand instead of letting it die effortlessly. You will have to incorporate changes in the design of your product portfolio to regain your business growth.
Discuss and analyze the possible strategies that you can use to prolong and extend the maturity stage of your brand?