Product Development and Management

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What is the main focus of the product life cycle concept?

Describing the sales, competitors, customers, and marketing focus of a product (correct)

Describing the profit only of a product

Describing the competitors of a product

Describing the manufacturing process of a product

What type of innovation involves selling products that were previously sold by other companies?

Tertiary innovation

Major innovation

Primary innovation

Secondary innovation (correct)

What is the term for the profits of a product during the introduction stage?

High

Zero

Negative (correct)

Low

What is the final stage of a product's life cycle?

Decline Signup and view all the answers

What type of innovation involves selling completely new products that no company has sold before?

Primary innovation Signup and view all the answers

What is the stage of a product's life cycle where profit peaks?

Maturity Signup and view all the answers

What is the main objective of the product life cycle?

To increase sales and profits Signup and view all the answers

What is the first stage of the product life cycle?

Introduction Signup and view all the answers

What happens during the growth stage of the product life cycle?

Sales increase rapidly Signup and view all the answers

What is the main characteristic of the maturity stage of the product life cycle?

Sales stabilize Signup and view all the answers

What happens during the decline stage of the product life cycle?

Sales decline Signup and view all the answers

What is the main goal of the marketing strategy during the introduction stage?

To create awareness among consumers Signup and view all the answers

What is the main advantage of the product life cycle?

Helps in forecasting sales Signup and view all the answers

What is the main objective of the adopter categories?

To identify early adopters Signup and view all the answers

What is the main characteristic of the early majority adopters?

They are cautious Signup and view all the answers

What is the main objective of the diffusion of innovation theory?

To understand how new products are adopted by consumers Signup and view all the answers

Product Development and Management

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Questions and Answers

What is the main focus of the product life cycle concept?

What type of innovation involves selling products that were previously sold by other companies?

What is the term for the profits of a product during the introduction stage?

What is the final stage of a product's life cycle?

What type of innovation involves selling completely new products that no company has sold before?

What is the stage of a product's life cycle where profit peaks?

What is the main objective of the product life cycle?

What is the first stage of the product life cycle?

What happens during the growth stage of the product life cycle?

What is the main characteristic of the maturity stage of the product life cycle?

What happens during the decline stage of the product life cycle?

What is the main goal of the marketing strategy during the introduction stage?

What is the main advantage of the product life cycle?

What is the main objective of the adopter categories?

What is the main characteristic of the early majority adopters?

What is the main objective of the diffusion of innovation theory?

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