2.2 - Making Marketing Decisions

Question 1

Stages of the product life cycle

Answer 1

The stages are 
Growth
Maturity 
Decline 
Extension strategy

Question 2

Product portfolio

Answer 2

The range of goods and services offered by any one business

Question 3

Introduction

Answer 3

The introduction phase covers the research, development and the launch of the new product

Question 4

Growth

Answer 4

If the product is successful during the introduction phase, the in the growth stage, it will become more and more popular, and sales will rapidly increase

Question 5

Maturity

Answer 5

Once in the maturity phase, its growth would have slowed down, but sales will be at there peak,

Question 6

Decline

Answer 6

During decline, sales start to drop off as the product loses popularity

Question 7

Extension strategies

Answer 7

Is an action that a business can take in order to lengthen the products life cycle and encourage growth in sales

Question 8

The importance of differentiation

Answer 8

For a product to succeed in the market, it must stand out from the other products on offer

Question 9

Ways to differentiate

Answer 9

Ensure that there product has unique functions not provided by competitors products
Give the product a unique style or design
Create and use a distinctive brand