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Products Decisions

Products Decisions. Product and Service Classification System The Product Life Cycle Introduction to product matrices Boston Matrix (Growth/Share) Ansoff’s Matrix (Product Market). Product and Service Classification System. Convenience goods - little effort, relatively inexpensive

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Products Decisions

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  1. Products Decisions • Product and Service Classification System • The Product Life Cycle • Introduction to product matrices • Boston Matrix (Growth/Share) • Ansoff’s Matrix (Product Market)

  2. Product and Service Classification System • Convenience goods - little effort, relatively inexpensive • Shopping goods - e.g ‘white goods’, DIY equipment, more expensive, infrequent • Speciality goods - extensive search e.g Jewellery, gourmet food • Unsought goods - e.g. double glazing,

  3. Industrial goods • Installations - ‘speciality’ goods of industrial markets - plant and machinery • Accessories - maintenance and office equipment • Raw materials • components • Business to business e.g. consultants, accountants

  4. The life product cycle model Growth Growth Development Maturity Decline Development Maturity Decline Few: Few: Growing adopters: Growing adopters: Growing selectivity Growing selectivity Drop-off Saturation of Drop-off Saturation of trial of trial of trial of trial of of purchase of purchase in usage users in usage users early early product/service product/service Repeat purchase Repeat purchase adopters adopters reliance reliance Entry of Entry of Exit of some May be many Exit of some May be many Fight to maintain Fight to maintain competitors competitors competitors competitors share share

  5. The Boston Matrix (Growth/Share Matrix) Market Share High 3. Question Mark (Problem Child) 1. Stars Market Growth 2. Cash Cows 4. Dogs Low High Low

  6. The Boston Matrix - Chocolate Bars Market Share High Maverick Miniature Heroes FUSE Market Growth KIT KAT MARS BAR TOPIC BOUNTY Low High Low

  7. Ansoff’s Matrix (Product/Market Matrix) Existing Markets New Markets Existing Products Market Penetration Market Development Diversification Product Development New Products

  8. Ansoff’s Matrix (Product/Market Matrix) Existing Markets New Markets Existing Products E.g. Realignments of the marketing mix E.g. Geographical expansion Diversification - related or unrelated Same outlets and sales strategy - new product New Products

  9. Products Decisions • Product and Service Classification System? • The Product Life Cycle stages? • Growth/Share? • Product Market?

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