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.