IB Business Management SL - 4.3. Product

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