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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

  • Product and Service Classification System

  • The Product Life Cycle

  • Introduction to product matrices

  • Boston Matrix (Growth/Share)

  • Ansoff’s Matrix (Product Market)


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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,


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  • 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


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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


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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


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The Boston Matrix - Chocolate Bars

Market Share

High

Maverick

Miniature Heroes

FUSE

Market

Growth

KIT KAT

MARS BAR

TOPIC

BOUNTY

Low

High

Low


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Ansoff’s Matrix (Product/Market Matrix)

Existing Markets

New Markets

Existing Products

Market Penetration

Market Development

Diversification

Product Development

New Products


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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


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Products Decisions

  • Product and Service Classification System?

  • The Product Life Cycle stages?

  • Growth/Share?

  • Product Market?


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