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

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Presentation transcript:

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 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,

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

The Product Life Cycle

Market Share Market Growth High Low HighLow 1. Stars 3. Question Mark (Problem Child) 2. Cash Cows4. Dogs The Boston Matrix (Growth/Share Matrix)

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

Diversification Market PenetrationMarket Development Product Development Existing MarketsNew Markets Existing Products New Products Ansoff’s Matrix (Product/Market Matrix)

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

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