Tesla vs. BMW

Growth in the electric vehicle market

Photo by CHUTTERSNAP on Unsplash

During the growth stage of the product life cycle, “demand begins to accelerate and the size of the total market expands rapidly”. At this point, interest in the product and corresponding sales begin booming. Compared to the introduction stage, where marketers are interested in convincing consumers to try a product, producers in this stage are more concerned with positioning…