Product Life Cycle / Boston Matrix
By Tanika Paul
Product Life Cycle - 4 stages of the Product
Boston Matrix - 4 categories to help a product know where they are
Market share - How much a company owns on the market
Market growth - High market got potential for future
Product range - A company different products (range)
Extension strategies - A continuous buy
Product Life Cycle stages - Introduction, growth, Maturity, Decline. Widen advertising
Extension Strategies - Add more features change the size lower price
What to do with a Cash cow and a Dog?- If your product is in the Cash cow you would continue to make the product as it is being successful. If it was in the Dog category you would have to get rid of it as it is not successful.
What to do with a Star or Problem child? If the product is a Star you would continue to make it and even more successful. Lastly, the problem child t would need major improvements.
what is wrong with the Product Life Cycle? Does not help anything