Lecture 4 - Development and management of market offerings (product) (JR)

Question 1

What are the stages of the product life cycle (PLC)?

Answer 1

Development, introduction, growth, maturity, and decline.

Question 2

What are PLC strategies for the introduction stage?

Answer 2

Focus on creating awareness, high promotion expenses, and selective distribution to build market acceptance.

Question 3

What are the criticisms of the PLC model?

Answer 3

It’s overly simplistic, not all products follow the standard curve, and lifecycle duration is hard to predict.

Question 4

What are the levels of a product?

Answer 4

1. Core benefit: The fundamental value or solution.
2. Actual product: Features, brand, packaging.
3. Augmented product: Additional services like warranties or support.

Question 5

What is product differentiation?

Answer 5

Making a product distinct from competitors by emphasizing unique features, design, quality, or customer experience.

Question 6

What is the fifth “P” of marketing, and why is it important?

Answer 6

Packaging, as it aids brand recognition, product protection, and convenience, and serves as a marketing tool.

Question 7

What strategies can be used during the maturity stage of the PLC?

Answer 7

Market modification (finding new users or uses), product modification (improving features), and marketing mix modification (changing pricing, promotion, or distribution).

Question 8

What is a product mix?

Answer 8

The set of all product lines a seller offers.
Width: Number of different product lines.
Length: Number of products in each line.
Depth: Number of versions of each product.
Consistency: How closely related the product lines are.

Question 9

Adaption groups

Answer 9

Innovators, early adaptors, early majority, late majority, laggard