When a product is launched as a new product, the customers start buying the product, and eventually, the sales and profits increase. Hence the introduction and growth stage of the new product are the two stages where the sales go on increasing. However, as soon as the product’s sales become consistent or stagnant, the maturity phase of the product life cycle starts. At this stage, the company tries to do modifications in the product properties and extend its life.
This is the phase where the technique of product modification is employed. The aim is to increase the product’s utility such the existing sales of the product are maintained, and new prospective customers also get attracted and generate more sales.
This technique of product modification at the maturity phase causes the product life to extend.
Types of product modifications
Depending on the customer expectations and changing market scenario, the company needs to decide about the attribute that can be changed in the existing product. Based on the attribute to be modified, product modification can be of three types:
Style modification: The appearance, size, or packaging of the product is modified to look new and resonates with the customers’ needs. This change is more associated with the appearance of the product.
Quality modification: In this type of modification, the aim is to enhance the quality of the product. For example, if a mobile model is concerned, the company may provide better battery backup as the new feature to maintain the demand of the model.
Functional modification: When the product is modified to enhance the product’s utility, add more features, and make it more functional, this is called a functional modification. The functional aspect focuses on providing convenience to the ultimate user of the product.
Benefits of product modification management
The first and direct benefit of product modification is the extended shelf life of the product and a longer product life cycle. Any modification done in the productâ€™s life at the right time makes the product more competitive in the market. It becomes more appealing to the new and existing customers. The company gets to rebuild its image and market share in the industry. Changing the product as per the dynamic and ever-changing market expectations helps the company grow in the right direction. More customers and increased sales are the outcomes of product modification. The product becomes more competent in the market. It in return helps the company to get the latest understanding of the market and the stakeholders. It also helps them to decide about the new product designs for the future needs of the customers. If certain customer needs cannot be incorporated into the existing product, this indicates a new product design. Hence the company gets better prepared for the future needs of the market.
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