Paper Example on Growth Stage

Introduction

Growth stage refers to the second stage in a product lifecycle which is a critical point in the life of any product where the producer experiences exponential profit growth. The product position in the market in the growth stage experiences a significant development as more consumers become aware of the product (Katc, 2015). At the growth stage, an organization producing the product starts experiencing reduced costs of production and the advancement of a product from the introduction stage varies depending on the product characteristics and the market competition. How an organization manages a product during the growth stage significantly affects the overall outcome of the product in the long run and the possible success of the product. Therefore, it is important for producers to engage in practices that promote market awareness as well as adopting changes in the product that can increase the ability of the product to meet the needs of the consumers (Katc, 2015). This paper will assess the growth stage of Coke Zero which is a Coca-Cola product. The paper will evaluate different measures that Coca-Cola adopted during the product growth stage and their implications on the product and the market as a whole.

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Best Practices during Growth Stage

Marketing

Marketing is the act of increasing product awareness in a potential market. Marketing plays a significant role during the growth stage which is a crucial stage in the lifecycle of any product. Marketing increases the ability of a product to penetrate new markets and to establish itself in the market amongst many other competing products. During the growth stage, it is important for an organization to invest more in the product advertisement to increase the product growth which can help reduce the cost of production and promote the sustainability of the product manufacturing (Katc, 2015). Coca-Cola product Coke Zero during the growth stage the organization increased the product marketing initiatives to improve sales and help the product to penetrate new market (McWilliams, 2012). Aggressive marketing and consumer awareness campaigns played a significant role in the success of Coke Zero as a brand amidst high competition from competitors such as Pepsi. During the growth stage, Coca-Cola changed the coke zero marketing tagline from "everybody chill" to "real Coke taste, zero calories." This particular move had a significant impact on the product at the growth stage which increased the product sales and penetrates new markets especially amongst young people (McWilliams, 2012). Marketing played a significant role in the success of coke zero as a product, especially during the growth stage.

Aligning the Product with Consumer Needs

It is important at the growth stage for a manufacturer to align the product with the consumer needs which can help sustain the product growth. At the growth stage, an organization through the product reception during the introduction stage is aware of the consumer perceptions of the product (Majava et al., 2014). Therefore, aligning a product with the consumer needs during the growth stage such as changing the packaging of the product and the product marketing messages can increase sales and product domination in the market. By aligning the product with the consumer needs prepares a product for the maturity stage where an organization can enjoy stable revenues and product sales.

Conclusion

The growth stage is a crucial stage in the lifecycle of a product where an organization should adopt best practices to promote sales and sustain the product growth. It is important at the growth stage for an organization to evaluate the advertisement approaches available and choose one that is more efficient in promoting the product knowledge. Besides, aligning the product with the needs of the consumers is important in the growth stage by fostering maturity and sustained sales.

References

Katc, V. (2015). Marketing Strategy and Promotion Plan of a Web Store In Finland. Case Company X. Saimaa University of Applied Sciences. Thesis

Majava, J., Haapasalo, H., Belt, P., & Mottonen, M. (2014). Product development drivers in literature and practice. International Journal of Product Development, 18(6), 512-530.

McWilliams, J. (2012, August 11). Coke Zero becomes a hero for Coca-Cola Co. AJC. Retrieved from https://www.ajc.com/business/coke-zero-becomes-hero-for-coca-cola/K9fdvFfsyjUK32TUgek17M/