Product Life Cycle/Boston Matrix
Product Life Cycle
Puts products through four stages. (Introduction, Growth, Maturity, Decline).
Ways of keeping the product popular. (gaps in the market).
Four categories, rising star, problem child, cash cow, dogs.
Creating a new market. (wearable tech). For instance, the Iwatch by Apple.
Different versions of a product. (IPhone 1,2,3,4, 4s,5, 5c, 5s,6).
How much of the market the product is sold in. (30% of the sold phone market are Iphone's).
Product Life Cycle Stages
Introduction: when the product is first put into the eye of the market.
Growth: The product beginning to build a reputation and a new name to the customers.
Maturity: the product becoming a lot more known, and beginning to be a very popular product on the market.
Decline: when the product becomes old or out fashioned by other developed products or new products on the market.
Ways of making the product survive, and stay popular. Change the size options, speed, apps, colour options, price, apps, updates.
What to do with a cash cow and do
Both low in growth; the cash cow needs to be milked, to try to keep the product alive, the dog should be killed and discontinued.
What to do with a star or problem child?
Both high in market growth. the star should have a lot of money invested into it, the problem child needs to be researched into to be made better or carried on.
what is wrong with the Product Life Cycle and/or Boston Matrix?
The product life cycle gives no plans to improve the products, and doesn't give any indication of what to do after the products decline, or to stop the decline from happening.
Matrix: influenced by individual points, there is never one answer for more than one person that are the same,it works on personal opinion.
In The News
Apple have both the IPhone 6 and the Iwatch, in close eye of the public, both of these products are new to the shelves, with IPhone 6 being the latest new and improved version of the IPhone 1, and the Iwatch is a completely new product all together.