Comment on the "Practical Do's for Growth Stage." Suggest additional advice and share your experience with the class. Focus on products within their Growth stage. Please give examples.
Practical 'Do's' for Growth Stage
1. Sustain and protect your drivers for growth (i.e. technology/IP, logistics, operation resources, ecosystem)
2. Forward-think and focus on developing large opportunities/markets/segments
3. Avoid Price competition; sell on values, features, benefits
4. Improve offering's performance and services, reduce total cost of ownership for customers
5. Build a Customer Relationship Management system (CRM) to feed into your Sales Lead Management (SLM) system
6. Stage your growth systematically (updates, upgrades, replacements) and don't hesitate to cannibalize your early successes; do it before competition does it to you on your worst timing...
7. Keep evolving your ecosystem's footprint and marketing mix strategies
The growth stage is a period of rapid revenue growth, as more customers become aware of the product and its benefits and greater market segments are targeted. A current example is the tablet market, in which Apple introduced the iPad in January of 2010, and three years later there are a wealth of competitors on the market, some touting the benefits of playing games, others reading books, watching movies, working on the run, or as ...
This solution comments on the "Practical Do's for Growth Stage", gives additional advice and provides examples of products in their growth stage. APA formatted references are included.
Product life Cycle
Describe the pace at which your product will move through the product life cycle and the factors that will impact its movement. How will the product life cycle impact the marketing of your selected product or service involving the following new Orthopedic shoe from Dr. Scholl's.
The product, a new concept in footwear, has a huge product market in that everyone needs and uses footwear. The product, however, is not designed to benefit this entire market group. The heated footwear product is intended to ease discomfort caused by foot related problems and injuries, therefore the product market can be segmented into two parts, initially: people with foot discomfort and people without foot discomfort.
Once the initial segmentation is identified, it is then a matter of identifying target groups within the segment of people with foot discomfort. The following is a list of groups within this segment:
? People who work on their feet all day such as nurses and food service workers
? People with foot injuries which can be eased with heat treatments
? Elderly people with arthritis or other foot problems
? Pregnant women with swelling and foot fatigue
? Athletes and sports enthusiasts
? People who would use the product for cold weather activities such as skiing and camping, or live in cold weather areas
Each segment represents a target group within the product market. Each segment group has unique needs and attributes, so a different marketing strategy will be required for each.
Identifying Our Target
Our product is footwear which will come in various styles that can ease the tension, fatigue, pain, and just overall discomfort of certain people who suffer from problem feet, spend hours on their feet, and are required to perform various activities on their feet throughout their lives. This footwear will benefit the elderly, nurses, doctors, store clerks, athletes, sales people, and many others. This footwear will basically target the general public because it is designed to provide comfort for anyone in need. Dr. Scholl's design of this battery operated heated footwear, "Comfort Cuddlier," is not designed to heal the feet but to temporarily ease the discomfort of ones feet. The "Comfort Cuddlier" will be a new revolution in comfort for many.
Dr. Scholl's footwear and products can be found in 11 major retail stores and their online stores such as Albertsons, CVS, Eckerd, Kmart, Kroger, Meijer, Rite Aid, Safeway, Target, Walgreens, Walmart, and other online stores. Because Dr. Scholl's is already a popular name to many people and can be found in many locations, adding the new "Comfort Cuddlier" to its collection will make marking of this new product to the general public easy.