Podcast
Questions and Answers
What is one way a company can modify its marketing mix to improve sales?
What is one way a company can modify its marketing mix to improve sales?
- Conducting market research to understand consumer behavior
- Increasing production costs to improve product quality
- Cutting prices to attract new users and competitors’ customers (correct)
- Discontinuing advertising campaigns to reduce costs
What is the primary goal of developing a product concept into a physical product?
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 (correct)
- To create a unique product design
- To reduce production costs
- To conduct market research
What type of testing is conducted to ensure that products perform safely and effectively?
What type of testing is conducted to ensure that products perform safely and effectively?
- Consumer feedback
- Competitor analysis
- Product testing (correct)
- Test marketing
What is a common reason for a product's sales to decline?
What is a common reason for a product's sales to decline?
What is the primary purpose of test marketing?
What is the primary purpose of test marketing?
What can a company do to maintain a product in the decline stage?
What can a company do to maintain a product in the decline stage?
Why do companies often choose to conduct test marketing?
Why do companies often choose to conduct test marketing?
What is a benefit of harvesting a product in the decline stage?
What is a benefit of harvesting a product in the decline stage?
What is the benefit of involving employees in new product testing, as seen in the example of Gillette?
What is the benefit of involving employees in new product testing, as seen in the example of Gillette?
Why is it important for a company to identify products in the decline stage?
Why is it important for a company to identify products in the decline stage?
What is the outcome of successfully developing a product concept into a physical product?
What is the outcome of successfully developing a product concept into a physical product?
What can a company do to improve the attractiveness of its product?
What can a company do to improve the attractiveness of its product?
During the growth stage of a product's life cycle, what tends to happen to a company's promotion spending?
During the growth stage of a product's life cycle, what tends to happen to a company's promotion spending?
What is a common characteristic of the maturity stage of a product's life cycle?
What is a common characteristic of the maturity stage of a product's life cycle?
What is a strategy companies may use to increase consumption of a product in the maturity stage?
What is a strategy companies may use to increase consumption of a product in the maturity stage?
What may happen to weaker competitors in a mature market?
What may happen to weaker competitors in a mature market?
What may companies do to a product in the maturity stage to attract new users?
What may companies do to a product in the maturity stage to attract new users?
Why might companies look for new market segments in the maturity stage?
Why might companies look for new market segments in the maturity stage?
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