Products Decisions - MediNET

Products Decisions - MediNET

Products Decisions Product and Service Classification System The Product Life Cycle Introduction to product matrices Boston Matrix (Growth/Share) Ansoffs 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 life product cycle model Development Few: trial of early adopters

Growth Maturity Growing adopters: trial of product/service Growing selectivity of purchase Entry of competitors May be many Saturation of

users Repeat purchase reliance Fight to maintain share Decline Drop-off in usage Exit of some competitors The Boston Matrix (Growth/Share Matrix) Market Share High

1. Stars Market Growth Low 2. Cash Cows High 3. Question Mark (Problem Child) 4. Dogs Low

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

TOPIC BOUNTY Low New Products Existing Products Ansoffs Matrix (Product/Market Matrix) Existing Markets Market Penetration Product Development New Markets Market Development

Diversification New Products Existing Products Ansoffs Matrix (Product/Market Matrix) Existing Markets New Markets E.g. Realignments of the marketing mix E.g. Geographical expansion Same outlets and sales strategy

- new product Diversification related or unrelated Products Decisions Product and Service Classification System? The Product Life Cycle stages? Growth/Share? Product Market?

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