marketing strategy

• what are the 5 stages of the product lifecycle?

  development

  introduction

  growth

  maturity

  decline
• what happens during the development stage?


  not making money just spending money. cash flow is small
• what happens during the introduction?


  involves high cost in research. sales will be low
• what happens during the growth stage?

  rapid growth in sales and profit. demand is high
• what happens during the maturity stage?

  products face big competition

  sales are high but profits are falling
• what happens during the decline phase?


  business will do heavy discounts
• what is an extension strategy?


  they extend the life of a product before it goes in decline
• what are the 5 extension strategies?

  1.updating packaging

  2.adding different features

  3.changing target market

  4.advertising

  5.price reduction
• what is a product portfolio?

  the collection of all the products and services offered by a company
• what is the boston matrix?


  a marketing planning tool which helps managers to plan for a balanced product portfolio
• what does the boston matrix help managers to do?

  work out how much to spend on each product
• what are the different sections in the boston matrix?

  star products

  question mark

  cash cows

  dogs
• whats a star product?

  have highmarket share and high growth market
• whats a question mark?

  low market share high growth market
• whats a cash cow?

  high market share low growth market
• whats a dog?

  low market share. low growth market
• what is a limitation of the boston matrix?

  high market share does not always lead to high profit
• what is B2B marketing?

  business to business

  businesses need to deal with other businesses than consumers
• what is B2C marketing?

  business to consumers

  not looking to build a long term relationship with the supplier