Product Development and Management

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What are the secondary innovations?

Selling products that were previously sold by other companies (correct)

Completely new products that no company has sold before

New features added to existing products

New products that are similar to existing ones

What is the concept of the product life cycle?

The marketing strategy for a specific product

The description of sales, competitors, and customers of a product from its introduction to its decline (correct)

The process of developing new products

The analysis of profits and losses of a company

What happens to profits in the Introduction stage of the product life cycle?

They are negative (correct)

They are constant

They slowly rise

They peak and then decline

What are the three stages of the product life cycle where profits are positive?

Growth, Maturity, Decline Signup and view all the answers

What is the main difference between secondary and primary innovations?

Whether the products are new to the company or new to the market Signup and view all the answers

What can the concept of the product life cycle be applied to?

To a product category, a product model, and a business unit Signup and view all the answers

What is the main goal of the introduction stage in the product life cycle?

To create awareness and generate demand for the product Signup and view all the answers

What is the main characteristic of the growth stage?

Fast growth rate Signup and view all the answers

What is the main goal of the maturity stage?

To maintain market share Signup and view all the answers

What is the main characteristic of the decline stage?

Decreasing sales Signup and view all the answers

What is the purpose of market segmentation?

To target a specific group of customers Signup and view all the answers

What is the main goal of advertising?

To create awareness Signup and view all the answers

What is the purpose of product development?

To improve product features Signup and view all the answers

What is the main characteristic of innovators?

They are early adopters of new products Signup and view all the answers

What is the purpose of marketing research?

To gather data about customers Signup and view all the answers

What is the main goal of the diffusion of innovation?

To create awareness about a new product Signup and view all the answers