Growth of Market
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The Market Growth can take place through various steps. Some of them are:
Market Incursion: Market incursion takes place when a company gets into a market with current commodities. The best way of achieving Market Growth is to attract rival’s customers by sound market strategies. Another way to gain Market Growth is by attracting those who do not use the products the company is selling.
Market Evolution: A proven product in the market can be targeted towards a particular group of customers or towards a different segment of customer. This would lead to more demands and more productions and that would let the Market Growth take place for individual firms as well.
Product Development: A company can develop various new products which may not be different from an existing one but this tactic brings in more customers which means more Market Growth. There are many companies which apply the same tactic. They get more fresh customers that automatically lead to more growth not only for the particular company but for the whole market.
Introduction of Non-Traditional Users: Everybody in the market knows that the Market Growth does not come from traditional or regular customers. To grow as a company or the whole Market Growth needs new users which will increase the demand, thus the production rate would go high and the market will increase.
Variegation: Companies can also increase their market shares by entering into new businesses. Like many companies have food business as well as home appliance business and have airlines at the same time.
