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Growth stage is the second stage of the product life cycle (PLC) which begins once a product passes through the introduction stage. At this stage, a product starts gathering profit and there is growth in sales as well. The early users of the product continue to buy the product and promote it to others as well, resulting in an addition of new customers. Management needs to adopt right strategies at this stage, as competition starts arising from this stage itself. How to make right strategies so that companies can further boost the product sale and go to the next stage? Our Marketing Strategies: Growth Stage assignment help providers can explain to you what are the different strategies available and how to implement them.
Increased profits and higher sales at the growth stage
At this stage, there is a growth in sales and expenditure also comes to a steady level. Thus, companies are in a position to raise their profit margin. Different companies adopt various strategies at the growth stage so that they could gain more market share and profits. Executing new product features and modification of the product is one of the common strategies which most of the companies follow. At this stage, companies need to be very alert and must have an eagle eye on a rival company’s product.
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Some common business growth strategies
Given below a list of some strategies for business growth:
- Market Penetration
Market penetration is one of the growth strategies in business. Small companies usually follow this strategy to market a current product in the existing market.
- Product expansion
Growing business through expanding product line or adding new features to the existing products raise its sales and profits. It is also known as a product expansion growth strategy.
- Diversification
Diversification is also one of the growth strategies in business, in which a small enterprise will target new markets to sell new products. To adopt this strategy, a company needs to act very cautiously. Before entering the new market, a company must do thorough research to know if consumers in the targeted market will like the latest product or not.
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