Competition in a mature or declining industry is tough. The price competition is generally brutal and...
Competition in a mature or declining industry is tough. The price competition is generally brutal and returns are low.
Can you think of any examples of new ideas that could reinvigorate companies at late stages in their lifecycle.
Homework Answers
Some of the ideas that companies can adopt to extract profits in the declining phase as well are:
- Try and go global so as to tap the untapped areas and customers.
- Decrease marketing budget so as to cut down expenses and start bundle pricing which will help in the increase of sales.
- Modify or customize the same product so as to offer it in a completely new package.
- Seek investments to simultaneously build a substitute product.
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