Product development: changing aspects of goods and services to meet the changing needs of existing customers or to target a different market.
Product line: a set of related goods or services.
Product mix: the full range of products offered by a business, also known as product portfolio.
Product portfolio analysis: analysing the existing product mix to help develop a balanced range of goods and services.
There are 5 stages of the product life cycle.
- Development. - Lots of money is being invested into this new product.
- Introduction. - Sales are low, profits will be negative, product may be unknown.
- Growth. - Sales increase rapidly, profits will reach highest at the end.
- Maturity & Saturation. - Sales reach it's peak, rate of growth slows.
- Decline. - Sales start to fall.
Comments
No comments have yet been made