Product Life Cycle and Portfolio Flashcards
what is a product portfolio?
the range of products that a single business sells or manifactures
what is a cash cow?
a product with large market share in a small market
what is a problem child?
a product with a small market share in a large market
what is a rising star?
a product with high market share in a large market
what is a dog?
products with a low market share in a small market
what is product development?
the stage of a products life cycle where a marketing plan should be prepared
what is introduction?
the stage of a products life cycle where it is first sold on the market, sales are low and costs are high
what is growth?
the stage of a products life cycle where it starts to gain its loyal customers, sales are rapidly increasing and costs are falling
what is maturity?
the stage in a products life cycle where the consumers demand is satisfied, sales are at there highest and cost are low
what is decline?
the stage of a products life cycle where the demand for the product is no longer as high causing sales to start to fall, costs are still low
what is an extension strategy?
when a business tries to extend the life of a certain product after is hes reached maturity, these are often very expensive
