Sample Essay
In this stage, the most important thing is to maintain the market share besides maximizing the profits since there is a lot of competition by homogeneous products from the rival firms and it is characterized by a reduced sales growth rate.
The market dominance strategy is very effective since there is intensified competition with some firms being forced out of the market. In this stage a firm should not take any action if at all the prices are stable and the prices growing but in cases where the sales and profits are falling, some actions have to be taken. Since the sales normally reach a peak in this stage, the product must be defended in the market by intensive distribution and promotion. Product differentiation plays a key role in ensuring that the product maintains its market share while the prices may be reduced to maintain the market share and the profit margin.
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