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.