Explain the product/service tactics employed during the growth stage of a product

Question

What will be an ideal response?

Answer 1

In the growth stage, competitors are attracted to the growing market, so the focus should be on building brand
preference, differentiating the product or service from others in a quickly crowding field, and gaining market share.
• Customers to Target: At the growth stage, we transition from targeting early adopters to targeting the early
majority. The early majority tend to be pragmatists, people who value the benefits that the product or service offers
but do not want to be "guinea pigs" like the early adopters. Often, the market will become segmented into different
customer groups at this stage.
• Features: The emphasis at this stage is to develop additional features desired by customers, thus "filling out" the
product or service to be competitive with other companies. It is helpful to group features into four categories:
blockbuster features (the product/service must be a clear leader in one important aspect), technology features
(advanced capabilities to target sophisticated markets),
premium features (luxury materials to target status-seeking markets), and parity features (features expected for
products in that category, such as the inclusion of a remote control when purchasing a new HDTV set).
• Quality: All features, including secondary ones, are refined. Support services might be added.
• Packaging: Products are offered in different sizes and shapes. Different service packages are offered for different
needs.
• Brand: At this stage, efforts should be made to increase brand preference. Market communications should
demonstrate how the product or service has features, advantages, and benefits over competing brands.