What approach is typically taken in the mature stage of the business life-cycle regarding product improvements?

In the mature stage of the business life-cycle, the approach to product improvements usually revolves around incremental improvements. During this phase, businesses shift their focus from radical innovations to more refined and gradual enhancements of existing products. Incremental improvements often include tweaks to features, efficiency enhancements, or updates based on consumer feedback, which help companies maintain competitiveness and extend the product’s lifecycle.

The rationale behind favoring incremental improvements in maturity is driven by the need to optimize the existing product's performance and sustain market share without incurring large risks or developmental costs. This method allows businesses to adapt to changes in customer preferences and market conditions while ensuring that any modifications are manageable and can be implemented efficiently. Thus, by focusing on smaller, manageable changes instead of drastic overhauls, companies can benefit from consumer loyalty and stay relevant in a competitive market.