If product is on maturity stage and many competitors are around, company want to increase product price, what way will be use to increase it price.?

in the maturity stage it's difficult to increase the prices you should review your all processes as in this stage the main objective is to gain profit (so you should revise your productivity level) and that doesn't mean you will increase the prices . by another words you should go to search for another market (market development) or deliver the same product  to the same market but with different brand name and with different price.

comoany want to increase product price its very clean reason if company have a so much competitor no compromise in product quality and no have all the market  any type of gap and atleast one mounth new print old price rate then you will see your product market is no distrub.   

in order to increase the price the company needs to modify the product by introducing innovative things in that product.

It is very dangerous to increase price of the product in a mature market without increasing the features of quality of the product. The competitors will take advantage and demand for the product will come down. 

Yes I do agree if u create a niche market for ur product through product differentiation you can increase your price in the niche market. 

Dear Mr. Hussaini

                  Answering your question from my marketing point of view, what you need to do is

1- Market Development, as you need to place your product somewhere else to a new segment  

but let us as a question, why do you need to increase a price in a competitive market?