Cold Stone's product range is quite broad, as you can customize your own ice cream to your liking. Ranging from vanilla to mint to strawberry flavors for customers to mix along with toppings. Cold Stones implicate product items that are unique to each customer, however still covering a wide variety of options for them to choose from. This allows them to satisfy their market objective of being a top producer and seller of premium ice cream as they not only have attracted a wide variety of customers, but to have a huge range of different products can enable them to decrease risk, and increase their profit or marketshare. Another objective that Cold Stones has targeted their goals at is to satisfy all their customers, from singing employees to their customization of flavors unique to each individual. The product range provided from Cold Stones will definitely allow them to do so.
Cold Stones' Product Life Cycle Extension Strategies
There are several ways Cold Stones could extend their product life cycle:
- Advertising: to gain new customers or remind customers what Cold Stones is capable of
- Price reduction: to attract customers
- Adding value: add new features to the current product (e.g: "topping of the day")
- Explore new markets: expanding abroad
- New packaging: redesign the old packaging; or even adding subtle changes in the cups/spoons
Shown above is my Boston Matrix. It illustrates the different products that function in a low or high market share and growth.
