Question

Respond to the following in a minimum of 175 words: Why is it important to keep your product in the growth stage for as long as possible?

Answer 1

Once your product / service is established in the market, you can expect the number of sales to increase rapidly and the market value can be used to create a brand. This is the stage where you will get high profits, but this is also the stage where your profits will reach their maximum. Product services usually last longer (usually years) when the product, especially a new product, will soon attract the attention of competitors. When competitors join the bar, sales will gradually decrease and force you to release new prices: as a result, you will make less profit. If you have released an existing custom product (which makes you a competitor), the growth phase may be shorter depending on how long the product has been on the market. If monopoly was first established, it still exists at this stage. Therefore, manufacturers may consider ways to introduce new features, changes, or types of product innovations based on feedback from consumers and the market as a whole. This will be done to maintain sales growth and ensure that interest in the product continues to grow and be stable, thus maintaining a growth phase. In fact, the growth phase is seen as the best time to introduce product innovation because it creates a positive product image and reduces the presence of competitors who will try to copy or improve the product and present their own products instead.