Product Life Cycle and BCG Matrix
ROLL OUT! This is the first phase of the product life cycle
Introduction
This is the term for the overall demand for a product and the ability of a significant group of people to purchase it
The market
The very first step
Prospecting
This area of market segmentation has to do with where you are in the world... or in the state... or in the city...
Geographic
Which major professional sports league is currently embroiled in an antitrust lawsuit?
NFL
The area of the BCG matrix that represents low market share and low market size
Dog
Value, selling, and production are all examples of this
Market orientation
Step six, before you close the deal... ok, but if I give you the answer you'll never learn
Negotiation
Age, race, gender, income, martial status... all of these things make up this area of market segmentation
Demographic
This section of a resume is a summary of your immeasurable talents (like problem-solving or strong communication)
Strengths
The stage before decline, companies try to stay in this phase as long as possible, cause it's where the money gets made
Maturity
Market price
When you are pitching the product you are concerned only with talking about these
Product features
Any marketing effort intended to reach the whole market without a change in messaging is considered this type of marketing
Mass marketing
This restaurant, a popular stop for older people, suffered a major public image issue after a controversial logo change this year
Cracker Barrel
I don't know what to say about this area of the BCG matrix... it has a high market size, but a low market share.
Question mark or Problem child
This is any type of communication through a medium like phone or email that goes straight to a prospect or customer
Direct marketing
This step, number two, is where you ask yourself if your offering fulfills a need for the customer.
Qualify
Memberships and Geofencing are examples of this type of marketing
Targetted marketing
Deliberately designing a product that has a limited life, with the intent on making customers purchase more product more often is called this.
Planned obsolescence
It's what B.C.G. stands for
Boston Consulting Group
Pure competitive is the only one of these that is completely theoretical
Market structure
When you convert a prospect to a customer by closing the deal, you have completed this.
Conversion
Studying purchasing patterns falls under this umbrella of market segmentation
Behavioral
It's the make and model of Mr. Blevins truck... you know... the black one in the back you're supposed to line up next to during a fire drill
Chevrolet Colorado