Product Life Cycle by Anita Basra
What is Product life cycle
Product life cycle is when you show a products life, this is when you first introduce a product from there you show how it growths to when it gets declined.
This is when a brand adds more features and make improvements so it would attract customers into buying the product.
Market share is how much or a market is in the product, for example is the market big for the product so it grows quickly or is it a small market, if it is a small market then it would not grow that quickly.
Market growth is a product that is getting known or getting popular within the market. for example the iPhone 6, it was announced on the 9th of September but was in stock few weeks later and now that has come out it is getting popular as the market is big, that is Apple Inc.
Product range is a product with more than one version, another example would be the iPhone again, this phone has more than one version it started of with the iPhone 3 to improve the features they got the iPhone 4, to enhance that phone they added improvements which was to make it faster this was named the iPhone 4s, from there they are added more features.
There are 4 stages to Boston matrix, the first stage is rising star that is high in market share and in growth. The second one is problem child this has high market growth, but is having a low market share. Then it is cash cow which has high market share in a slow-growing industry. And the last one is dog this is when they have low market share and they are slow in the industry.
Product Life Cycle Stages (example iPhone 6)
- Introduction- when the product is first introduced for example the iPhone 6 it was introduced in the middle of September.
- Growth- this is the stage when the product is getting popular such as the iPhone as the brand is popular and high in the market, the customers want more of the brand.
- Maturity- this is when the product keeps on selling such as the now the iPhone keeps on selling as it is just brand new.
- Decline- this is the stage when no one wants the product anymore for example the first iPhone, no one wants that iPhone no more because it is old and the new one has other features.
There are various ways o making a product better, this is called extension strategies you are extending a life of a product. You can do this by introducing the product into a new market, you can lower the price so more customers can buy the product, you can add improvements such as fixing minor issues that people don't like, can add new features, and advertise it more.
What can do you with a cash cow and a dog?
You can put more money in to improve the product also known as 'milk it'.
What can do you with a star or problem child?
You can invest all your money in the product to make other improvements and to advertise it.
What is wrong with a Product life cycle?
After the product is declined you don't know what to do with it next because there is no other stage.
What is wrong with Boston matrix?
It is a individual point of view, others may not agree with you.