Question

You are the Market Manager for Jiffy Nut Peanut Butter. Your product has been in the maturity phase of the product lifecycle for five years. Because of the increased competition, your sales have begun to decrease. Yesterday, your boss informed you that if sales don’t turn around you might be looking elsewhere for employment. What are three ways to increase the length (time) of the maturity phase? Give one example for each method that you can use for Jiffy Nut Peanut Butter.

Answer 1

Herewith I share the three ways to increase the time length of the maturity phase of your product.

1.   BRAND INNOVATION    :     Brand innovation is the first methord to increase the length of the maturity phase.That means new product features and services can enable you to meet dynamic needs of your customers. In this highly competitive business world, companys introduce new products every day and the customers have the choice from vast product range. No one can sustain profitability from a single product for a long period. Please implement the following business plan at the earliest.

a)   Introduce vast range of peanut butter products. That means, introduce products in different tastes like salt, sugar, chocolate, and in different colours. I give an example from Kerala - a state in India.

There is a milk supplying Company called "MILMA" started its operations in 1990. They collect milk from farmers, pack it after parsturization and supply to it all shops in Kerala. They are the first company introduced this system in Kerala. Their business was very profitable due to their monopoly in their area of operation. But after one year, another company started with the same system and supplied milk in shops. Gradually, market share of Milma reduced by 30%. Then they implemented Brand Innovation and produced packaged ghee, bottled ghee, butter bars, milk powder and produced five different types of packaged milk depends upon the content of fat in milk with price variation. So, there is an option for selecting suitable milk for everyone. Sick persons can buy low fat milk and children can use high fat milk. Now MILMA is the No.1 in Kerala even in this highly competitive market.

2. REVITALIZE YOUR BARND PACKAGING :     It is the first point of contact between consumers and brand and the last differentiator between comparable products. Packaging is the first choice of a product in view of new customers and the business from new customers in every product is more than 30%, and it will shift to regular and satisfied customer catogary depends upon the quality of the product. So revitalize your brand packaging atleast once in a year with brand innovation. Packaging should be in different types like tube packaging, glass bottle packaging, plastic bottle packaging etc. We expect all types of customers like low income, middle income, high income, youth customers etc. Packaging can make the difference between a product being considered basic and cheap, or luxurious and chic. So design brand packaging to fulfill all types of customers needs.

Take an example of Horlicks, a langly selling malted milk drink produced by GlaxoSmithKline Consumer Healthcare Ltd.. They marketed vast range of malted milk drink productes in different tastes, without sugar, for kids, for ladies. But each products they packaged in different types like glass bottles, plastic bottles, paper packets, aluminium foil packages with different styles. Product for kids comes in a plastic bottle with funny shapes, and aluminium foil and paper packets are cheaper than plastic bottle and plastic bottle is cheaper than glass bottle. So they have products to sell for all types of customers.

3.    Create Bold Marketing Campaigns :    A creative advertising campaign do wonders for rejuvenating your product’s image and it can also make a real impact on product sales. An advertisment campaign is required before your brand innovation. Customers should be aware of your new products and its specifications. Then only suctomers will ask to the shop owners or search the product in their next shopping. Marketing campaign will increase the sale of your products by 50% in long run. If you create an attractive and purpose matching caption for your product, again your sales will be increased on the good effect of the caption.

I will tell you some examples. Let us take the example of MILMA. Before their brand innovation, they started advertisment in media to introduce their vast range of new products with an attractive caption. That is - " MILMA - MORNING GOODNESS OF KERALA ". Customers will never forget this caption. There is a slipper manufactoring Company called " PARAQON " produces all range of slippers, shoes for all category in very reasonable price. Their caption also very attractive. That is " WHEREVER YOU GO, I WILL BE WITH YOU - PARAQON ". Once customers notice this type of attractive captions, they will never forget and choose the product next time.

Consumer expectations are evolving at a breakneck pace and product teams must evolve with them. Finding ways to stretch your product’s lifespan is critical in this highly competitive market. Use these strategies independently and in combination with others to get ahead of your competition and ensure your product’s continual success.