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Questions and Answers
What is the primary purpose of conducting marketing research in the context of customer requirements?
What is the primary purpose of conducting marketing research in the context of customer requirements?
Which of the following is NOT a crucial element of maintaining productivity in a business?
Which of the following is NOT a crucial element of maintaining productivity in a business?
Which of these are considered sources of funds for a profitable business?
Which of these are considered sources of funds for a profitable business?
What is the most important factor for a successful product launch according to the content provided?
What is the most important factor for a successful product launch according to the content provided?
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Which of the following best describes the main concept of the Product Life Cycle?
Which of the following best describes the main concept of the Product Life Cycle?
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During which stage of the product life cycle does the company begin to recover the initial investment?
During which stage of the product life cycle does the company begin to recover the initial investment?
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What is the primary objective of the Introduction stage of the product life cycle?
What is the primary objective of the Introduction stage of the product life cycle?
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Which stage of the product life cycle sees the most intense competition?
Which stage of the product life cycle sees the most intense competition?
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What is a key characteristic of the Maturity stage of the product life cycle?
What is a key characteristic of the Maturity stage of the product life cycle?
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What does the product development stage of the product life cycle consist of?
What does the product development stage of the product life cycle consist of?
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Which of these is NOT a factor considered in the Business Analysis stage of the product development process?
Which of these is NOT a factor considered in the Business Analysis stage of the product development process?
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What is the primary focus of the Decline stage of the product life cycle?
What is the primary focus of the Decline stage of the product life cycle?
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What is "Test Marketing"?
What is "Test Marketing"?
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Study Notes
Product Life Cycle - Stages
- Decline Stage: Sales decrease as new competitors enter the market. Companies may reduce production, outlets, and promotions. They can try to revive the product through repositioning or repackaging, or discontinue it.
Product Life Cycle - Maturity Stage
- Maturity Stage: This stage is characterized by stable or slightly decreasing sales. Companies often focus on maintaining market share rather than significant growth.
Product Life Cycle - Growth Stage
- Growth Stage: Sales increase rapidly as the product gains market acceptance.
Product Life Cycle - Introduction Stage
- Introduction Stage: A new product is introduced to the market; the goal is to generate consumer interest.
Product Development - Steps (I)
- Idea Generation: Finding new products or business opportunities from various sources (employees, customers, competitors, etc.).
- Idea Screening: Evaluating ideas to eliminate unsuitable, unattractive, or poor ones.
- Concept Testing: Presenting ideas to consumers for feedback.
- Business Analysis: Assessment of market factors, revenues, costs, and trends.
- Product Development: Transforming ideas into a tangible product.
- Test Marketing: Testing the product in a selected market area.
- Commercialization: Introducing the product to the target market.
Tips for Choosing a Business Name
- Easy to Recall/Remember: The name should be easily understood and remembered.
- Pleasant Meaning: Creating a positive or favorable feeling when the name is mentioned.
- Easy to Pronounce: The name should be easy to say out loud.
- Easy to Spell: The name should be easy to spell without confusion.
- Related to Product: The name should relate to the product, describing its features.
Productivity Considerations
- Product Specifications: These must be maintained consistently.
- Work Schedules: Following work schedules to optimize time and energy efficiency.
- Inventory Reports: Maintaining accurate inventory reports.
- Warehousing Activities: Efficient management of warehousing is crucial.
Customer Requirement Considerations
- Needs Demand Analysis: Analyzing the demands of the target customer segments.
- Demographic Profile: Recognizing the demographic characteristics of customers.
- Market Research: Conducting thorough market research to understand the current market demand and competitive landscape.
Profitability Considerations
- Sources of Funds: This includes savings, assets, banks, partnerships, and stock options.
Viability Considerations
- Technical and Manpower Complements: Focusing on technical and personnel resources is vital.
- New Technology Adoption: Implementing new technologies to enhance work efficiency.
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Description
This quiz covers the four stages of the Product Life Cycle: Introduction, Growth, Maturity, and Decline. Additionally, it explores the initial steps of product development, focusing on idea generation and screening. Test your knowledge on how companies manage products through different life stages.
