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Assignment 2 Questions & answers

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Exam of 12 pages for the course tests at tests (Assignment 2)

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  • July 3, 2024
  • 12
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
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EXAMQA
Assignment 2

*Product Life Cycle*: - ANS-The *four stages of sales and profit performance* through
which all goods and services progress.

What are the *4 Stages of Product Life Cycle*? - ANS-- Introduction
- Growth
- Maturity
- Decline

4 Stages of Product Life Cycle - *Introduction*: - ANS-When a *new product enters into
a market*.

4 Stages of Product Life Cycle - *Introduction Stage*: - ANS-- Very different from
existing products.

- Customers are unaware as to how product satisfies wants.

- No direct competition.

- Small demand for product.

- Low Product Sales / Low Profit.

- High Prices.

4 Stages of Product Life Cycle - *Growth*: - ANS-When *several brands of a new
product* are available for customers to *choose from and buy*.

4 Stages of Product Life Cycle - *Growth Stage*: - ANS-- Competition enters the
market.

- New features added to differentiate.

- More customers buying product.

, - Decrease in prices.

- Increase in Sales and Profits

- Emphasis on Branding.

- More money spent on Promotion.

4 Stages of Product Life Cycle - *Maturity*: - ANS-When there are *many competing
brands with very similar features*.

4 Stages of Product Life Cycle - *Maturity Stage*: - ANS-- Peak Sales.

- Peak Profits

- Level of competition is very intense.

- Little difference among products.

- Prices are competitive / discounted.

- Large emphasis on promotion.

4 Stages of Product Life Cycle - *Decline*: - ANS-Occurs when *customers decide that
a product no longer satisfies* a want and *discover a new and better alternative*.

4 Stages of Product Life Cycle - *Decline Stage*: - ANS-- Product no longer satisfies a
customer's want or a new product has entered the market.

- Sales drop rapidly.

- Little or No profit in selling the product.

- Little or No money spent on promotion.

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