What's it: The growth stage is the part of the business cycle in which the company begins to enjoy high sales volume growth. Consumer awareness has also increased, reducing the risk of rejection. They try to buy a new product and, when
Marketing and Sales
Introduction Stage of the Product Life Cycle: Meaning, Characteristics
What's it: The introduction stage is the initial part of the product life cycle after the development stage. At this stage, the company launches a new product on the market. Synonym for this term is one of the launch stage and the pioneer
Premium Brand: Meaning, Advantages and Disadvantages
What's it: A premium brand is a brand that is positioned to have high quality and price. The company launched it to give an impression of exclusivity, notably to differentiate it from other mass-market brands.Launching a premium brand is a
Unique Selling Point: Meaning, Why It Matters, How To Develop It
What's it: A unique selling point is something that makes a product attractive to consumers and different from competitors. It can take various dimensions of a product, such as function, features, quality, performance, design, and sale price. A
Star in BCG Matrix: Meaning and Implications for Company Strategy
What's it: A star is a product with a significant market share and is in a high-growth market. It is one of four categories in the Boston Consulting Group Matrix (BCG matrix). The other three are:Two variables you will need to create a
The 5 considerations when the company builds a strong brand image
A strong brand image is a representation of a company's competitive advantage. By having it, the money will continue to flow to the company. Several reasons are why I say this.The image represents the impression of a brand. A positive impression
Decline Stage of The Product Life Cycle
What's it: A decline stage is the last phase of a product life cycle in which sales volume decreases. The decline may be rapid to death, or it may take a long time, depending on the type of product. At this stage, the market may consist of only
Mature Stage of Product Life Cycle: Meaning, Characteristics, and Alternative Solutions
What's it: The mature stage is the part of the product life cycle where the sales growth rate slows down (not negative). At this stage, you will see which products are winners and which are losers. Winners get prizes, which can generate ample
Brand Image: Meaning, Examples, Importance and How to Build It
What's it: A brand image is a consumer's impression of a brand. A brand is an essential part of marketing success because it acts to differentiate the company's products from competitors' products through names, designs, symbols, and other
Predatory Pricing: Meaning, How It Works, Pros, Cons
Predatory pricing is a strategy in which companies set prices very low, far below normal. The aim is to eliminate competition in the market.In some countries, this practice is illegal, even though it is difficult to prove. Setting low prices is a
Price Skimming: Pros and Cons
Price skimming is a pricing strategy by which you initially sell products at a high price, then reduce them over time. This strategy aims to generate profits quickly before competitors enter the market and start pressing prices. To be successful, you
BCG Matrix
Boston Consulting Group (BCG) matrix or Boston matrix is a management tool for analyzing the performance of a product portfolio or business unit in a company. Boston Consulting Group introduced it in 1970.BCG matrix is useful for you in