16 Questions
What are the secondary innovations?
Selling products that were previously sold by other companies
What is the concept of the product life cycle?
The description of sales, competitors, and customers of a product from its introduction to its decline
What happens to profits in the Introduction stage of the product life cycle?
They are negative
What are the three stages of the product life cycle where profits are positive?
Growth, Maturity, Decline
What is the main difference between secondary and primary innovations?
Whether the products are new to the company or new to the market
What can the concept of the product life cycle be applied to?
To a product category, a product model, and a business unit
What is the main goal of the introduction stage in the product life cycle?
To create awareness and generate demand for the product
What is the main characteristic of the growth stage?
Fast growth rate
What is the main goal of the maturity stage?
To maintain market share
What is the main characteristic of the decline stage?
Decreasing sales
What is the purpose of market segmentation?
To target a specific group of customers
What is the main goal of advertising?
To create awareness
What is the purpose of product development?
To improve product features
What is the main characteristic of innovators?
They are early adopters of new products
What is the purpose of marketing research?
To gather data about customers
What is the main goal of the diffusion of innovation?
To create awareness about a new product
This quiz covers the concepts of product development, management, and life cycle, including types of new products, product innovations, and market analysis. It explores the different stages of a product's life cycle from introduction to withdrawal. Test your knowledge of product development and management!
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