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Life cycle models are not just a phenomenon of the life sciences. Industries experience a similar cycle of life. Just as a person is born, grows, matures, and eventually experiences decline and ultimately death, so too do industries and product lines. The stages are the same for all industries, yet every industry will experience these stages differently, they will last longer for some and pass quickly for others. Even within the same industry, various firms may be at different life cycle stages. A firms strategic plan is likely to be greatly influenced by the stage in the life cycle at which the firm finds itself.
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Mature Markets: Definition & Examples
The differences between mature and emerging markets
A market will go through different stages during its life cycle. From infancy to decline, the way an organization conducts business keeps evolving alongside the development of the market. The strategies an organization employs during the introduction stage are vastly different from the plans they make for the growth stage. While each stage is extremely challenging to work in, the maturity stage is particularly tricky. A mature market is one that is characterized by its state of equilibrium. There is stagnation in growth at this time.
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How to differentiate your business in a mature market
Log in or sign up to add this lesson to a Custom Course. Log in or Sign up. New products and services are developed by companies every day, but occasionally, a whole new market is born. Think of the auto industry in the earlys, or the computer industry in the s.
So, how can a business differentiate, innovate and grow in a mature market? Answer: by redefining your market. People buy products and services to get functional and emotional tasks done. We purchase printers to print material, we hire Uber to get a lift from one place to another, and we hire financial advisors to help us plan for retirement. Back in , Kathy realized a lot of people were downsizing.