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?

  • 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?

    <p>Technological advances</p> Signup and view all the answers

    What is the primary purpose of test marketing?

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

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

    <p>Reposition the product to appeal to a different market segment</p> Signup and view all the answers

    Why do companies often choose to conduct test marketing?

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

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

    <p>Reducing costs</p> Signup and view all the answers

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

    <p>To identify potential product flaws</p> Signup and view all the answers

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

    <p>To allocate resources more effectively and make strategic decisions</p> Signup and view all the answers

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

    <p>A product that can be marketed and sold</p> Signup and view all the answers

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

    <p>Modify the product's styling and features</p> 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?

    <p>It remains the same or slightly increases</p> Signup and view all the answers

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

    <p>A slowdown in sales growth</p> Signup and view all the answers

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

    <p>Modify the market, product, or marketing mix</p> Signup and view all the answers

    What may happen to weaker competitors in a mature market?

    <p>They drop out of the market</p> Signup and view all the answers

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

    <p>Modify the product's characteristics</p> Signup and view all the answers

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

    <p>To increase sales</p> Signup and view all the answers

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