Product Lifecycle and Market Share/Growth Matrix

Flashcards covering key categories and characteristics from the Boston Consulting Group (BCG) matrix and their relation to the product lifecycle stages.

What are the characteristics of a 'Question Mark' product in terms of market growth and market share?

High market growth and low market share.

In what stage of the product lifecycle are 'Question Mark' products typically found?

The introduction stage.

Which BCG matrix category represents products with high market share and high market growth?

Stars.

What product lifecycle stage do 'Star' products usually occupy?

The growth stage.

What defines 'Dog' products in the BCG matrix?

Low market share and low market growth.

What is a common business strategy for 'Dog' products, especially during a recession?

Businesses try to extract what profit they can before discontinuing or selling them off.

Which BCG matrix category represents products with high market share but low market growth?

Cash Cows.

What product lifecycle stage do 'Cash Cow' products typically occupy?

The maturity phase.

What are the key advantages of 'Cash Cow' products for a business?

They are the main source of a business's cash, have low costs, and their low growth rate deters competition.