Product Classification Quiz

The stage of the product life cycle where sales peak and start to decline, while profits continue to fall.

A characteristic of the Maturity Stage where many brands compete for market share.

The action marketers take to address declining sales and profits, either removing the product from the market or finding a new position for it.

Products that target consumers, classified into four subcategories: convenience, shopping, specialty, and unsought products.

Understanding the different stages and their characteristics is crucial for successful product management.

The five stages of a product's life cycle, representing the journey from its introduction to termination.

Strategies and tactics are adjusted at each stage to keep up with changing market conditions.

Understanding the product's life cycle allows marketers to adapt their marketing strategies, maintain market share, and make wise decisions about the product's future during decline.

TRUE: Many brands enter the market during this stage, leading to intense competition.

TRUE: Companies will either stop selling the product or try to find a new market for it to avoid further losses.

TRUE: Promotion efforts are reduced during the decline stage, and the product may be harder to find.

During the Growth Stage, companies utilize different strategies and tactics to gain market share.

Companies may increase spending on marketing and promotion to maintain market share.

Consumer products are classified into four categories: convenience, shopping, specialty, and unsought products.

During the Growth Stage, companies use different strategies and tactics to gain market share.

Promotion efforts are reduced and the product becomes harder to find during the decline stage.

Sales fall rapidly during the decline stage, prompting marketers to decide to eliminate or reposition the product.