marketing strategy

Cards (19)

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

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