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.