Marketing Strategies and Product Life Cycle

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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?

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?

Consumer feedback

Competitor analysis

Product testing (correct)

Test marketing

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

Technological advances (B) 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 (C) 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 (C) 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 (A) Signup and view all the answers

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

Reducing costs (C) 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 (B) 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 (B) 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 (D) 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 (B) 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 (B) 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 (A) 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 (C) Signup and view all the answers

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?

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

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

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

What is the primary purpose of test marketing?

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

Why do companies often choose to conduct test marketing?

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?

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 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?

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 may happen to weaker competitors in a mature market?

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?

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