Razor Company's blades are in the maturity stage of the product life-cycle. How can the company strengthen its market share? a. Watch for the early buying patterns b. Emphasize customer service c. Redesign the packaging d. Eliminate less profitable versions of the product

Question

Jillian Grimes

Business

25 October, 05:02

Razor Company's blades are in the maturity stage of the product life-cycle. How can the company strengthen its market share? a. Watch for the early buying patterns b. Emphasize customer service c. Redesign the packaging d. Eliminate less profitable versions of the product

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Answers (1)

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Roderick Berger · Answer 1

Redesign the packaging

Explanation:

The maturity stage is the third stage in the life cycle of a product. It is a challenging stage as its characterized by the following.

Sales increase at a decreasing rate Fewer new buyers enter the market Profits decline due to fierce price competition. Reduced market share as sale start to decline

At the stage, the business focus should be to retain the market share and profitability. It can achieve this through innovative methods that would make the product more appealing to customers. It can redesign the packaging as a way of differentiating the product to find new buyers.