Today most products that reach the growth stage of the product life cycle have to do with technology. In order to ensure that they are accepted by the public, marketers have to fine-tune them several times before they approach the growth cycle (Boone & Kurtz, 2015, p. 401). This paper will discuss two common offerings that are currently in their growth stage as well as potential threats to their further development and possible techniques for their elimination.
In order to guarantee success, practitioners strive to stimulate the demand for a new-market entry (Boone & Kurtz, 2015, p. 401). Correct choice of distribution channels as well as effective promotional campaigns are vital here. The products that have been made practical and usable often reach their growth cycle easily (Boone & Kurtz, 2015, p. 401). The two examples of such offerings are blue ray players and home-based 3D television. Because both of these products are known to the public and the buyers carry positive connotations with them (Hofstrand, 2007), they can be called successful goods in their growth stage.
Such products as home-based 3D television and blue ray players can face several problems: small or absent market, higher than expected costs, persistent losses, and the lack of adequate technological support. Usually, a new product does not even have a market or enjoys a very small niche, and this is especially true for the technological offerings. What is more, such expensive products usually generate losses for a long time due to large spending on research and development.
At the stage of growth, marketers not only have to attract new customers, but also strive to gain loyal buyers who would repurchase the offering. Lowered pricing campaigns as well as mass advertising create incentives for the buyers (Boone & Kurtz, 2015, p. 401). Since the marketers of blue ray players and home-based 3D television have already successfully reached the growth stage for their products, their next task is ensuring that the offerings will survive the maturity cycle. Guerilla marketing, mass advertising and positive word of mouth can be advised here. First of all, mass advertising that is focused on letting the customers try the product for free in specialized stores will familiarize them with the offering, What concerns guerilla marketing, in the middle of the growth stage, it can help the companies get rid of unnecessary competition (Living Better Media, 2016). Afterwards, positive word of mouth will be an effortless and free means of marketing in case the companies manage all other stages successfully.
References
Boone, L. E., & Kurtz, D. L. (2015). Contemporary marketing. Boston, MA: Cengage Learning.
Hofstrand, D. (2007). Product life cycle. Ag Decision Maker. Retrieved from the Iowa State University: https://www.extension.iastate.edu/AGDM/wholefarm/pdf/c5-211.pdf
Living Better Media. (2016). Maturity. Product life cycle stages. Retrieved from http://productlifecyclestages.com/product-life-cycle-stages/maturity/
