Growth phase strategy: Difference between revisions
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* maintain position and [[market]] share | * maintain position and [[market]] share | ||
* invest to sustain growth | * invest to sustain growth | ||
===Strong competitive position=== | ===Strong competitive position=== | ||
* try to improve [[market]] position and increase [[market]] share | * try to improve [[market]] position and increase [[market]] share | ||
* invest to increase growth | * invest to increase growth | ||
===Average competitive position=== | ===Average competitive position=== | ||
* try to improve [[market]] position, selective increase [[market]] share | * try to improve [[market]] position, selective increase [[market]] share | ||
* selective [[investment]] in order to improve situation | * selective [[investment]] in order to improve situation | ||
===Favourable competitive position=== | ===Favourable competitive position=== | ||
* look for niche and protect it | * look for niche and protect it | ||
* selectively invest | * selectively invest | ||
===Weak competitive position=== | ===Weak competitive position=== | ||
* development or withdrawal | * development or withdrawal | ||
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==References== | ==References== | ||
* Pelham, A. M. (2015). [http://link.springer.com/chapter/10.1007/978-3-319-13084-2_107 Strategy, Market Orientation, or Environment: Relative Influence on Small Manufacturing Firms]. In Proceedings of the 1998 Academy of [[Marketing]] Science (AMS) Annual Conference (p. 458-458). Springer International Publishing. | * Pelham, A. M. (2015). [http://link.springer.com/chapter/10.1007/978-3-319-13084-2_107 Strategy, Market Orientation, or Environment: Relative Influence on Small Manufacturing Firms]. In Proceedings of the 1998 Academy of [[Marketing]] Science (AMS) Annual Conference (p. 458-458). Springer International Publishing. | ||
[[Category:Marketing strategies]] | [[Category:Marketing strategies]] | ||
[[pl:Strategia fazy wzrostu]] | [[pl:Strategia fazy wzrostu]] | ||
Latest revision as of 22:13, 17 November 2023
Product placement phase is followed by intense market growth after the product will is welcomed by the customers. This phase is characterized by a high capital expenditure, although relatively smaller than in the development phase. Therefore, there are proposed different strategies for enterprises with different competitive position.
Improving sales in growth phase
To increase product sales during the growth phase, companies can employ a variety of strategies such as:
- Expanding distribution channels: This includes reaching out to new markets and making the product available through more retailers or online platforms.
- Increasing marketing and advertising efforts: This can help to build brand awareness and drive demand for the product.
- Launching new product variations or versions: This can help to keep the product line fresh and attract new customers.
- Building partnerships and collaborations: This can help to expand the reach of the product and tap into new customer bases.
- Improving customer service and support: This can help to build customer loyalty and encourage repeat purchases.
- Investing in research and development: This can help to improve the product and keep it competitive in the market.
Ultimately, the specific strategy will depend on the product, the target market, and the competitive landscape.
Proposed actions
The dominant competitive position
- maintain position and market share
- invest to sustain growth
Strong competitive position
Average competitive position
- try to improve market position, selective increase market share
- selective investment in order to improve situation
Favourable competitive position
- look for niche and protect it
- selectively invest
Weak competitive position
- development or withdrawal
- investment or disposal
| Growth phase strategy — recommended articles |
| Brand leader — Market maturity — Maturity phase strategy — Marketing advantage — Market expansion — Entering the market — Price and non-price competition — Decline phase strategy — Aggressiveness strategy |
References
- Pelham, A. M. (2015). Strategy, Market Orientation, or Environment: Relative Influence on Small Manufacturing Firms. In Proceedings of the 1998 Academy of Marketing Science (AMS) Annual Conference (p. 458-458). Springer International Publishing.
