Illustrates the range of ''positions'' that a product can take in a market based on two dimensions that are important to customers
Market mapping
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The use of previous patterns of numerical data in order to predict value in the future
Extrapolation
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Sales one product, brand or business/total sales in the market x 100
Market Share
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Change in the size of the market over a period/original size of the market x 100
Market growth
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Focusing on a particular segment of a larger market e.g. clothing retailer targeting taller customers
Niche marketing
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Providing products or services which meet some of the needs of a large proportion of the market
Mass marketing
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The stage of the product lifecycle when the product is being developed and investment into research and development (R&D)
Development
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The stage in the product lifecycle when a product is launched onto the market
Introduction
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The stage in the product lifecycle where sales begin to increase at a relatively fast rate as consumers become aware and more confident of the new product
Growth
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The stage in the product lifecycle when the rate of growth of sales begin to slow. Market is likely to become saturated
Maturity
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The stage in the product life cycle when sales are falling due to potential nee and better products in the market or consumer taste changing
Decline
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Plots the position of each product in terms of its market share and the relative growth of the market
Boston Matrix
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Products with relatively low share of the market and slow growth
Dogs
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Well established products and have relatively high market share bit growing relatively slowly in the market
Cash cows
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Products which appear to be fast growing but aren't well established with a low percentage of market share
Problem child
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Products in fast growth markets and have high market share
Stars
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products in the decline stage of the product lifecycle in terms of the Boston matrix
Dogs
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products in the maturity stage of the product lifecycle in terms of the Boston matrix
Cash Cows
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products in the introductory stage of the product lifecycle in terms of the Boston matrix
Problem child
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products in the growth stage of the product lifecycle in terms of the Boston matrix
Stars
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Low prices set initially to enable the business to break into a market or achieve a rapid growth in market share
Penetration Pricing
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High prices set for a new product to appeal to early adopters who want to be the first to purchase the new product and will only work in markets where the product has a strong brand and USP
Price Skimming
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A large company setting the market price which smaller firms tend to follow as lower prices could trigger a price ware
Price Leadership
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Prices are lowered and forces weaker competitors to lower their prices and the weaker competitors will be forced out the market and when that happens prices rise again to normal level
Destroyer Pricing
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Pricing products or services just short of rounded figure which give the impression of value or a 'barging'
Psychological pricing
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Set of controllable marketing tools that a company uses to promote its brand or product in a market. Consists of the seven Ps
Marketing Mix
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Other cards in this set
Card 2
Front
The use of previous patterns of numerical data in order to predict value in the future
Back
Extrapolation
Card 3
Front
Sales one product, brand or business/total sales in the market x 100
Back
Card 4
Front
Change in the size of the market over a period/original size of the market x 100
Back
Card 5
Front
Focusing on a particular segment of a larger market e.g. clothing retailer targeting taller customers
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