Product Life Cycle

Every product will go through these phases: Development, Introduction, Growth and Maturity.

These four stages help businesses to identify where there product is.

Product Extension Strategies

-Strategies that are designed to extend the life of products.                                                                              -This is important as it helps to grow popularity and extend the shelf life of products.                                  -Product Extension Strategies will come between the maturity and decline stages of the product.

Product Portfolio

--Collection of products a business sells  - They then label their products according to the ‘Boston Matrix’: Dog, Cash Cow, Star, Question Mark. 

Boston Matrix

Star                   

Market Share - High 

Market Growth - High

Profits - High    

                                                                                                 

Question Mark 

Market Share - Low

Market Growth -High

Profits - Low

                                                                                                                      

Cash Cow  

Market Share - High 

Market Growth - Low

Profits - High 

             

Dog 

Market Share - Low

Market Growth - Low

Profits - Low 

Businesses will label their products to the relevant names                                                                              by analysing the products progress.