The second phase of the product lifecycle pertains to the growth phase. This is the period in which intensive activities pertaining to increasing the knowledge of the brand in the market, i.e., market awareness strategies are carried out.
These can take the form of strategic as well as marketing efforts. The main result as a result of the activities in this phase is that the brand or the product tends to grow in the number of items sold and a larger market share is attained by the product. The growth phase is aptly named as it focuses on the growth of the market, amongst its consumers as well as the potential target market of the product.
The maturity phase is characteristic of the product attaining an established and well known position I the market and generating a steady inflow of revenues and profits for the company. The growth of the product in the market and the region is somewhat limited by this stage as the major markets where the product could have grown have already been employed to. However the result of the establishment of the product in the market is that the product is generating a constant high and steady amount of positive revenue for the company. The management in this phase is more particularly interested in defending their market share from competitors and new entrants in the market, as opposed to growing their market share.
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