Lesson 18

Question 1

What are the four stages of the lifecycle of a product

Answer 1

Introduction, growth, maturity, and decline

Question 2

The product life cycle considers both the sales revenue and sales profit. Different marketing mix strategies are needed at different stages of the life cycle and results from both internal and external conditions including the new product development and the competitive landscape

Question 3

One example of a time constraint on the product life cycle is a fad. This is a short product life cycle through a high short term buzz in the market. Technology and rapidly changing in product categories can also be impacted by short product life cycles. It is important for the marketer to understand the product category and how it can affect the time to dimension the products life cycle

Answer 3

Truth

Question 4

Product portfolio

Answer 4

Multiple products or product lines displaying a variety of options for consumers

Question 5

What are ways that marketers extend the product life cycle?

Answer 5

Altering price, marketing communications, promotional strategies, And product features