During which phase of the product lifecycle does a company typically modernize or alter its product?

The maturity phase of the product lifecycle is the stage where a company typically modernizes or alters its product. During this phase, products have reached their peak market penetration, and competition is often intense. Companies strive to differentiate their offerings to maintain market share and find new customer segments. Therefore, they may introduce product improvements, variations, or innovations to reinvigorate interest from consumers and sustain sales.

While the decline phase might also see some adjustments as companies look to salvage remaining sales or transition out, modernization and significant alterations are more strategically implemented during the maturity phase when the product is still generating substantial revenue but faces the risk of market saturation.