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4.5 THE FOUR Ps (The Product Life Cycle (Stage 1 :Development (generating…
4.5 THE FOUR Ps
The Product Life Cycle
Stage 1 :Development
generating ideas
screening ideas
creating a prototype
creating out a test marketing
commercialization
Stage 2 :Introduction
price skimming
Stage 3 :Growth
penetration pricing
Stage 4 :Maturity
sales revenue at its peak
Stage 5 :Saturation
many competitors entered market
price need to reduced
a competitive price introduced
Stage 6 :Decline
sales start to decrease
cash flow falls
The Boston Consulting Group (BCG) Matrix
stars
cash cows
problem child/ question mark
dogs
strategies
holding strategies
building strategies
harvesting strategies
divesting strategies
limitations
little advice for future planning
time-consuming
does not necessarily equate to high profits
Packaging
physical protecton
offers convienece
information
reduce security risks
aids promotion
Branding
brand awreness
brand development
brand loyalty
brand value
Extension Strategies
attempt by firm to stop sales from falling
lengthening or extending product life's cycle
strategies
sell existing products in new market
new uses for the products
change product's packaging
target different market segments
develop new promotional strategies