Mix Map Model
Mixmap model provides information that helps the company to determine the factors that effectively analyse the present tactics and based on the analysis it can determine future tactics. Mixmap model includes 4P’s, Product life cycle, BCG matrix and Ansoff matrix.
* Product life cycle
- Product life cycles (PLC) are the stages that a product goes through during its life cycle in the market. Product life cycle is used in order to show current stage of the product or the company at present which including four stages, Introduction, Growth, Maturity and Decline. PLC is useful for determining the current market position and it is significant for the company to adapt their product or brands marketing strategy to the changing condition of the market environment.
Introduction – is first introduced. It offers something new in terms of its design or performance, with few competitors offering the same product. Growth – as volume grows, competitors may enter the growing market. Keeping up with demand could prove to be the main operations.. Maturity - Demand starts to level off. Operations will be expected to get the costs down in order to maintain profits or to allow price cutting. Decline - After time, sales will decline with more competitors dropping out of the market. Eg. M&S is in a high fashion industry and its product offering is the latest trends and designs with a life of maximum 2 weeks so its product life cycle cure becomes like the above diagram.
* Boston Group Matrix
– Uses market share and market growth criteria for determining the attractiveness and balance of a business portfolio.
Star – is a business unit within a portfolio, which has a high market share in a growing market. It is well- established and fantastic opportunities. Question mark – is a business unit within a portfolio that is in a growing market, but does not yet have high market share. Cash cow – is a business unit within a portfolio that has a...
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