An increase in the demand of a product or service in the market is termed as Market Growth. When company tries to expand, it expects markets to grow. For this, companies try to increase the perceived value, product features, competitive prices etc.
Market growth depends on the acceptance of the product on a particular price level. Market demand increase if consumers accept and decrease if they reject any growth/new product in the market.
High priced products target a niche segment, but if prices are reduced then the customer base increases.
Market growth can be increased by tapping a new market, aggressive advertising, special value added services etc, which are significantly different and better as compared to a competitor.
Consumer Electronic brands reduce their costs with every subsequent launch of products. This enables people to buy the products at a cheaper price. The more the volume sale of the products, the is the market growth.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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