Topic > The role of new product development and launch

In the maturity stage, product sales slow down, competitors may start to decrease the price of the product or spend more on promotion. In the decline stage, product sales and profits decline and some companies may choose to withdraw from the market (Kolter et al.,2013). The strategy used by companies in the maturity stage should focus on maintaining brand royalty, retaining customers, and defending the brand with promotion. Furthermore, companies should continue to maintain brand awareness to stimulate repeat purchases (Jobber, 2010). For example, Wakee maintained brand awareness by continuing to advertise the product on television, such as sponsored TV programs or by placing products in TV series. In the decline stage, instead of trying to increase sales, companies should develop strategies to improve marketing productivity. The accumulated brand royalty can be used by the company in the future (Jobber,2010). For example, Wakee stopped promoting the product and instead sought to build brand royalties by creating customer engagement and showing its corporate social responsibility. They collect customer feedback through online surveys and organize events such as the bottle recycling project to showcase company socials