Topic 4 - Product. Higher Business Management

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1 Topic 4 - Product Higher Business Management 1

2 Learning Intentions / Success Criteria Learning Intentions Product Success Criteria Learners should be able to describe and explain: the sales revenue/ levels at the research, introduction, growth, maturity, saturation and decline phases of a product s lifecycle the profits at the research, introduction, growth, maturity, saturation and decline phases of a product s lifecycle the use of extension strategies to enhance product sales and profits the costs and benefits of product line product portfolios the costs and benefits of diversified product portfolios Boston Matrix and its use. 2

3 Product Product is the actual (good or service) product being sold. Product is important because customers won t buy something they don t want; market research identifies what customers want. The more products that are sold, the more chance the business will have of maximising sales. An organisation can change the product by bringing out a new one or making an adaptation to an existing product. This will invite new people to try it and will help to maintain existing customer loyalty. 3

4 All products have a life cycle. Some products go through the stages of a life cycle very quickly, known as fads, while others can have a life cycle that lasts many decades, for example, Coca Cola. Product Life Cycle 4

5 Stages of Product Life Cycle The product life cycle has the following six stages: 1. Development 2. Introduction 3. Growth 4. Maturity 5. Saturation 6. Decline 5

6 1. Development The product is being researched and developed. Prototypes will be made and tested. Changes may have to be made after research feedback. Impact on Sales There are no sales yet as the product is still being developed. No sales, high costs. Impact on Profits The product will actually be making a loss due to the costs of development and zero income from sales. No profit. 6

7 2. Introduction The product is launched. This usually coincides with introductory promotional activities to create hype for the product. Impact on Sales Sales are slow to begin with as customers are unsure of the product. Customers may have to be persuaded to move from competitor products. Sales are low and costs are high. Impact on Profits The product begins to cut into the losses from development, but high promotional costs still result in a loss being made overall. Very little, if no, profit. 7

8 3. Growth The product has been on the market for some time, customers are fully aware of the product and are purchasing. Impact on Sales Sales start to rise rapidly. This can be the result of slightly reduced prices, lack of competition and/or consumer confidence in the product. Impact on Profits Profits are starting to be made and loses from development and promotions during the initial stages are recouped. Profit begins to increase. Sales grow rapidly. 8

9 4. Maturity The product has been on the market for some time. Competition enters the market. Impact on Sales Impact on Profits Sales growth peaks and levels out. Many sales can still be made for a long time at this stage. Steady sales. Profits can still be healthy but start to fall. The competition will take sales away and thus profits will fall. High profits. 9

10 5. Saturation The product suffers from too many competitors being in the market. Impact on Sales Sales begin to fall as consumers flock to competitor s products. Sales start to fall. Impact on Profits Profits fall rapidly, especially if prices are slashed to encourage sales. High profits before they decrease. 10

11 6. Decline The product s life is nearing the end. The product will stop being produced. Impact on Sales Sales fall rapidly and eventually the product will be withdrawn from the market. Sales fall. Impact on Profits The product will actually be profits continue to fall. Eventually products may be sold at unit cost just to break even. Profits fall and a loss might be incurred eventually. 11

12 Extension Strategies As sales (and profits) begin to fall as a product matures, a business can attempt to inject new life into the product. The can do the following: change the appearance of the packaging to give the product a new image change the size, variety or shape of the product, as this makes it different from the original improve the quality of the finished product by, for example, using higher quality raw materials change the method of promotion used to promote the product, for example, by offering a discount change the method of advertising the product to reach a larger number of people change the price of the product (up or down), to reach a different market segment change the place the product is sold, for example, offering it online as well as in a shop change the name of the product change the use of the product so that it can be used for different purpose. 12

13 Product Portfolio A business should strive to have a product portfolio. This means having a range of products on sale. 13

14 Kraft s Product Portfolio 14

15 Advantages of a Product Portfolio Many organisations sell more than one product for a number of reasons: to reduce risk of failure of one product, as one product might be doing better than another to appeal to a variety of market segments, as different products will appeal to different types of customers to increase sales and profits from selling different products, as customers will be able to buy a variety of products from the same business to make introducing a new product easier, as customers will already be aware of the business newer products can replace those at the end of their life cycle to increase awareness of the business, its reputation and its brand by having more than one product to cope with products that are only demanded in certain seasons, as other products will gain sales at different times of the year. 15

16 Disadvantages of a Product Portfolio Costs of promoting and advertising lots of different products could be high and could result in less profit. If one product receives a bad reputation or image this might impact on all the products being sold by the business. Maintaining a varied product portfolio will involve a high cost of research and development. Cost of purchasing and maintaining machinery for different types of products might be high. Staff may require training on the features of different products which could be time-consuming and expensive. 16

17 Boston Matrix Businesses can analyse their product portfolio using a Boston matrix. This enables products to be analysed on two frons: 1. Market share the percentage of sales in the market a product makes. 2. Market growth the overall potential for sales that the market has as a whole. 17

18 Stars Description Products that have a high market share in a high-growth market, e.g. Apple s ipad. Impact Stars need constant investment in marketing to keep ahead in a competitive market. Stars allow a business to be a market leader. Over time, stars will decline into either question marks or cash cows. 18

19 Cash Cows Description Products that have a high market share of a low-growth market, e.g. Microsoft s Office Software. Impact Cash cows should require little marketing expense due to lack of competition. Funds generated can be used to further strengthen stars and improve riskier ventures, such as question marks. 19

20 Question Marks/Problem Children Description Products that have a low market share in a market with high growth potential, e.g. manufactures of less popular brands of tablet computers. Impact Question marks can be invested in due to their position in a promising market. They need development of a strong marketing mix if they are to be turned into stars. 20

21 Dogs Description Products that have a low market share of a market with low growth, e.g. less popular brands in declining technology industries. Impact Dogs can adversely affect profits. Dogs should be diverse due to the lack of market share and the declining market for the product. They cannot be turned into stars. 21

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