Studied by 9 people
Product life cycle
Shows different strategies in the life of a product and the sales that can be expected at each stage
Product life cycle stages
Development, introduction, growth, maturity and saturation, decline
Expansion strategies
Used by businesses to extend the life cycle of their products
Boston matrix
Used for businesses to analyze their product portfolio better
Cash cows
A product with high market share in a slow growing market. In the maturing stage.
Question marks
Products that have a low market share in a fast growing market. A market follower, so the business has to decide whether the product is worth investing in. In the introduction stage.
Dogs
Products with a low market share in a slow growing market. In the decline stage.
Stars
Products with a high market share in a fast growing market. Leader products that produce the most amount of money.
Brand
A feature that allows consumers to identify a business.
Unique Selling Point
A feature of a product that makes it different from other products in the market.
Consumable product
Bought by individual people for their personal use
Production product
Raw material, components, terrains, machinery, etc.
Fast-moving consumer goods
Products that can't be reused and they are sold quickly at a low cost.
Nondurable consumer goods
Products that have a short life, they decompose quickly.
Durable consumer goods
Manufactured products that can be reused and they are expected to have a longer life.
Prestigious products
Exclusive and expensive products
Service products
They don't have physical evidence, but they satisfy the clients' needs in other ways.
Product mix
The total number of product lines and individual products or services offered by a company
Product line
A group of related products all marketed under a single brand name that is sold by the same company
Product range
Variations of a single product that are made in order to create similar yet distinctly different products
Note
Flashcard