4. Introduction – when the product is introduced and struggles to gain brand
recognition.(usually question marks)
Growth – advertising and word of mouth helps the product to increase sales. As
sales grow, more firms are willing to stock the product which helps the product to
grow even further.(stars)
Maturity – When the product reaches peak market penetration.(cash cow )
Decline – the product gets eclipsed by new products(dogs)
5. Analysis of Industry Competition
A competitor analysis, also referred to as a competitive analysis, is the process of
identifying competitors in your industry and researching their different marketing
strategies. You can use this information as a point of comparison to identify your
company's strengths and weaknesses relative to each competitor.
6. Porters five force model
Porter's Five Forces is a model that identifies and analyzes five competitive forces
that shape every industry and helps determine an industry's weaknesses and
strengths.
