Product life cycle and Boston Matrix
By Kane M Mayston-Barlow
Product life cycle-
Introduction - when a product is new to the scene.
Growth - A product is starting to become popular.
Maturity - it is at the top of its game and making the most money.
Decline - The product is dying out and becoming unpopular.
Extension strategies- Adding more features to an existing product to keep the product fresh.
Boston Matrix - A tool businesses use to find out what product they should spend time on and invest in.
Market Share - How much of the market for one type of product you dominate, Having the monopoly.
Market Growth - Increasing your production to take more control over the market.
Product Range - The variation in your products.
What to do with a cash cow and a dog?
If you have a cash cow, it means you are going to make A LOT of money. You have to make sure you milk it and make every little bit of money out of it that you can.
However, If you have a dog you need to stop all investments in the product and kill it off immediately.
What do with a Star and a Problem Child?
If you have a star it means you are on top of the market, You have the monopoly.
A Problem Child is tricky. A problem Child has the potential to become a cash cow, but if you develop it wrong, it will become a dog.