1.3.5 Market Strategy Flashcards
What is the Product of a business?
The Product is the goods and services that the firm provides
What are Goods?
Goods are physical or tangible products
What are Services?
Services are often non physical or intangible e.g. financial consultancy or teaching
What is Product portfolio analysis?
Product portfolio analysis looks at the range of products and brands that a firm has under its control
A businesses product range is called its product portfolio
Why use a Product portfolio analysis?
It can help a firm identify where every single one of its products is positioned in the market
What is the Product Lifecycle?
The Product life cycle is a technique used to track the stages a product goes through during its life
Wha are the 6 different stages in the product lifecycle?
Development Introduction Growth Maturity Decline Extension strategies
What are the 4 Quarters that make up thw matrix?
High market share + low market growth
High market share + high market growth
Low market share + high market growth
Low market share + low market growth
What is the Boston Matrix used for?
it is Used to analyse a business’ product portfolio
What is a High market share, High growh product called?
Rising Star
What is a High market share, Low growh product called?
Cash Cow
What is a Low market share, High growh product called?
Problem Child
What is a Low market share, Low growh product called?
Dog
What is a Industrial markets?
Industrial markets are where businesses are selling to other businesses; business to business (B2B)
What is a Consumer market?
Consumer markets are where businesses are selling to the public, business to consumer (B2C
