Product Life cycle and Boston Matrix
Product Life Cycle
The life cycle of a product from first introduction to its fall and decline.
life goes intro to growth to maturity to decline.
you can extend the life of a products life using extension strategies
They are put through 4 stages-
4 stages of a products success there is cash cow, rising star, dog, problem child.
cash cow - high market share with low growth.
Dog - Low share and low growth.
Rising Star - High Market Share as well as High Market Group
Ways of keeping product selling well and keeping it popular.
How to deal with a Dog.
You kill it, or get rid of it with haste.
How to deal with a Cash Cow.
You milk it, get as much out of it as possible.
How to deal with a Star.
You should invest money in it and stuff.
How to deal with Problem Child.
Keep an eye on the product, and research it and be wise with the decisions you make on it.
What's wrong with the Product Life Cycle.
It gives no advice on how to improve the product it just says how well its faring on the market.
Real life example.
Coca Cola has a new cola drink called Coca Cola Life, Coca Cola have released this seemingly out of the blue, the new drink hit the stores and hasn't been very popular, it was reduced in price in shops just to get rid of stocks