Podcast
Questions and Answers
Match the following stages of the Product Life Cycle with their descriptions:
Match the following stages of the Product Life Cycle with their descriptions:
Introduction Stage = Includes research and development, market testing, and launching of the product Growth Stage = Characterized by having sales increase at a fast rate Maturity Stage = Sales are near their peak, with the rate of growth gradually going down due to new competitors Decline Stage = Final stage where sales begin to fall and company profits drop
Match the following strategies with their descriptions:
Match the following strategies with their descriptions:
Advertising and promotional tools = Used to attract new market or remind current market about the product Price reduction and special discounts = To attract customers by offering best deals Product development with new value = Adding new use, features, or improving specifications Discovering new markets = Making the product launch in new geographical areas
Match the following actions taken by marketers with their objectives:
Match the following actions taken by marketers with their objectives:
Using advertising and promotional tools = To attract new market or remind current market about the product Reducing product price and offering discounts = Attracting customers by providing best deals Developing products with new value = Adding new use, features, or improving specifications Discovering new markets through product launch = Expanding into new geographical areas
