Marketing Strategies and Product Life Cycle

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Questions and Answers

What is one way a company can modify its marketing mix to improve sales?

Cutting prices to attract new users and competitors’ customers

What is the primary goal of developing a product concept into a physical product?

To ensure that the product idea can be turned into a workable market offering

What type of testing is conducted to ensure that products perform safely and effectively?

Product testing

What is a common reason for a product's sales to decline?

Technological advances Signup and view all the answers

What is the primary purpose of test marketing?

To test a product and marketing program in a realistic market setting Signup and view all the answers

What can a company do to maintain a product in the decline stage?

Reposition the product to appeal to a different market segment Signup and view all the answers

Why do companies often choose to conduct test marketing?

When introducing a product requires a big investment and risks are high Signup and view all the answers

What is a benefit of harvesting a product in the decline stage?

Reducing costs Signup and view all the answers

What is the benefit of involving employees in new product testing, as seen in the example of Gillette?

To identify potential product flaws Signup and view all the answers

Why is it important for a company to identify products in the decline stage?

To allocate resources more effectively and make strategic decisions Signup and view all the answers

What is the outcome of successfully developing a product concept into a physical product?

A product that can be marketed and sold Signup and view all the answers

What can a company do to improve the attractiveness of its product?

Modify the product's styling and features Signup and view all the answers

During the growth stage of a product's life cycle, what tends to happen to a company's promotion spending?

It remains the same or slightly increases Signup and view all the answers

What is a common characteristic of the maturity stage of a product's life cycle?

A slowdown in sales growth Signup and view all the answers

What is a strategy companies may use to increase consumption of a product in the maturity stage?

Modify the market, product, or marketing mix Signup and view all the answers

What may happen to weaker competitors in a mature market?

They drop out of the market Signup and view all the answers

What may companies do to a product in the maturity stage to attract new users?

Modify the product's characteristics Signup and view all the answers

Why might companies look for new market segments in the maturity stage?

To increase sales Signup and view all the answers

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