Marketing stategys

Question 1

What are the parts of the product life cycle?

Answer 1

Introduction- product launches
Growth- becomes profitable
Maturity- sales level off
Decline- lose appeal to customers

Question 2

What are some extension strategy?

Answer 2

• add value by improving products
• promotion

Question 3

What is the Boston matrix

Answer 3

2x2 matrix model that analyses a product portfolio according to the growth rate of the market

Question 4

What is a products portfolio?

Answer 4

The collection of products a business is currently marketing

Question 5

What are the pros and cons to the Boston matrix?

Answer 5

Pros: -decision tool to prioritise spending
-allows a large business to structure management
-allows decision to be made on a product portfolio

Cons: - too simple
- too vague
- quickly out of date