Product Development and Management
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Questions and Answers

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?

    <p>Decline</p> Signup and view all the answers

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

    <p>Primary innovation</p> Signup and view all the answers

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

    <p>Maturity</p> Signup and view all the answers

    What is the main objective of the product life cycle?

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

    What is the first stage of the product life cycle?

    <p>Introduction</p> Signup and view all the answers

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

    <p>Sales increase rapidly</p> Signup and view all the answers

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

    <p>Sales stabilize</p> Signup and view all the answers

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

    <p>Sales decline</p> Signup and view all the answers

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

    <p>To create awareness among consumers</p> Signup and view all the answers

    What is the main advantage of the product life cycle?

    <p>Helps in forecasting sales</p> Signup and view all the answers

    What is the main objective of the adopter categories?

    <p>To identify early adopters</p> Signup and view all the answers

    What is the main characteristic of the early majority adopters?

    <p>They are cautious</p> Signup and view all the answers

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

    <p>To understand how new products are adopted by consumers</p> Signup and view all the answers

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