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