Managing growth of product lifecycle at maturity level: a systematic literature review

Abstract

In the face of stable sales and market saturation, managing the expansion of the product lifecycle at a mature stage is essential for maintaining market relevance and profitability. Through the synthesis and analysis of 64 papers, from JSTOR, Science Direct, and Google Scholar data bases, this systematic literature review identified major themes and provided insights into growth management strategies, marketing tactics, challenges, and opportunities that managers confront in their quest to sustain competitiveness and profitability in mature markets. Product diversification, market segmentation, innovation management, cost-effective lifecycle planning, price strategies, market expansion, client retention, alliances, and collaboration are a few examples of important tactics. The difficulties include growing rivalry, market saturation, shrinking profit margins, and shifting consumer tastes. To maintain competition, there are nevertheless still chances to take advantage of economies of scale, brand equity, and customer loyalty. The review's insights deepen our understanding of how businesses may best manage opportunities and overcome obstacles to maximize product lifecycle management at maturity level. This review provides practical guidance for practitioners and identifies gaps for future research.