Product Life Cycle/ Boston Matrix
Product life cycle- Introduction, Growth, Maturity, Decline
Extension Strategies- Adding more features to the product. Widen Product Range, Extra advertising, Special promotion.
Boston Matrix- A tool to decide what to tell you to do with your with your product.
Market Share- How much do you own of the market, the percentage of it.
Market Growth- The increase of production.
Product Range- The variety of products.
Product Life Cycle Stages-
Introduction. Growth. Maturity. Decline.
Extension Strategies- Changing the product by adding better features.
What to do with a Cash Cow and a Dog? Cash Cow= Milk it. Dog= Kill it.
What to do with a Star or Problem child? Star= Invest. Problem Child= Product Trail test.
What is wrong with the product life cycle and / or the Boston Matrix models?
Not accurate to the problems that the product has.