Business Entity Concept: In accounting, we treat a business or an organisation and its owners are two separately identifiable parties. This concept is called business entity concept. It means that personal transactions of owners are treated separately from those of the business. Business are organised either as a proprietorship, a partnership, or a company. They differ on the level of control the ultimate owners exercise on the business, but in all forms the personal transactions and accounts of the business. 

Maturity stage of a ‘Product Life Cycle’: After the introduction and growth stages, a product life cycle stages can be quite a challenging time for manufacturers. In the first two stages companies try to establish a market and then grow sales of their product to achieve as large a share of that market as possible. However, during the maturity stage, the primary focus for most companies will be maintaining their market share in the face of a number of different challenges. 

Challanges of the Maturity Stage: 

1. Sales Volume Peak. 

2. Decreasing market Share. 

3. Profits start to Decrease. 

Benefits: 

1. Continued Reduction in Costs. 

2. Increased Market share through differentiation.