Concept: Marketing Objective for the Growth Stage in the Product Lifecycle
Student Question: “What is the marketing objective for the growth stage of the product life cycle?”
Explanation: During the growth phase, the primary goal is to create a unique market value proposition in the minds of consumers by stressing differentation. A focus on increasing market share is more important during the introduction phase. During growth, a company is likely to be facing a multitude of competition that is seeking customers from the same broad pool. Therefore, it is critical to focus on a specific niche that result in a long-term customer base and recognizable brand image.
Think about the rapidly growing market for ride sharing services that we have seen during the last 5 years. Initially, ride sharing apps were just focused on increasing its market share, but in 2016, they has shifted towards differentiation from competitors. The two biggest ride sharing services, Uber and Lyft, have each created their own differentiated image for what is essentially the same exact service.
- Student: Sanjaya Malhotra
- Textbook: Marketing
- Course: MKT 421