Question

The steps in preparing for small business management process are Growth, Maturity and Harvest. Explain these processes?

Answer 1

Answer- Following are the processes-

1) Growth- This stage is concerned with increasing the market share of the product and increasing brand preferences. Product quality is improved and more additional services are added to the products. More and more product promotion is done. Distribution channels are added more and more.

2) Maturity- In this stage, growth in sales diminishes and competition is there with similar products. The main aim at this stage is to protect the market share and to maximise profits.

3) Harvest - At this stage, the sales decreases so the firm adds new feature to the products to maintain it. Cost of the products is reduced and is offered to a more loyal customer base.