Global Competition, Product Life Cycle, and Demand Influence
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Global Competition, Product Life Cycle, and Demand Influence

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Summarize 4 major factors that gave rise to global competition. Rise of global competition is influenced by the _________ of product ideas, product life cycle, Ansoff growth matrix, and factors influencing new product development process.

sources

Product life cycle consists of stages like introduction, growth, maturity, and _________. Managers should behave differently in each stage to ensure successful product management.

decline

In general, demand for a service can be influenced by factors like pricing, branding, consumer behavior, and overall _______ in the market.

competition

The difference between invention and innovation lies in the fact that invention refers to creating something new, while innovation involves implementing new ideas to create _________. For instance, British and Japan have different approaches to innovation.

<p>value</p> Signup and view all the answers

In the final stage of a product, it can be deleted from the market through options like revitalizing the product, taking it out of the market, or introducing ________ strategies.

<p>exit</p> Signup and view all the answers

Explain the factors that influence the rise of global competition.

<p>Factors such as sources of product ideas, product life cycle, Ansoff growth matrix, and factors influencing new product development process contribute to the rise of global competition.</p> Signup and view all the answers

What are the stages of the product life cycle, and how should managers behave in each stage?

<p>The stages include introduction, growth, maturity, and decline. Managers should adapt their strategies to suit the needs of each stage for effective product management.</p> Signup and view all the answers

Discuss the relationship between invention and innovation, citing examples of British and Japanese approaches.

<p>Invention involves creating something new, while innovation is about implementing new ideas. For example, British focus on invention, while Japan emphasizes innovation.</p> Signup and view all the answers

How can demand for a service be influenced, and what factors play a role in shaping market demand?

<p>Demand can be influenced by pricing, branding, consumer behavior, and market trends. These factors collectively determine the level of demand for a service.</p> Signup and view all the answers

What are the possibilities for the final stage of a product, and how can a product be removed from the market?

<p>In the final stage, options include revitalizing the product, taking it out of the market, or introducing exit strategies. Products can be removed from the market through strategic decisions based on market conditions.</p> Signup and view all the answers

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