product life cycle/Boston matrix!
product life cycle- introduction, growth, maturity, decline.
extension strategies -widen product range. -extra advertising. -special promotion. -adding value.
Boston matrix-A design to tell your business what to do with there products.
market share-how much do you own of the market (percentage).
Market growth- the increase of production.
product range- the variety of products in the business.
product life cycle stages- Introduction growth maturity decline
extension strategies- change the product and add more features
what do you do with a cash cow and a dog- cash cow=milk it Dog=kill it
what do you do with star or problem child- star=invest problem child= product trail test
what is wrong with the product life cycle and / or Boston matrix models? Not accurate to the problems a product has.