MCS 1000 - Chapter 11 Question and answers 100% correct
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Course
MCS 1000
Institution
MCS 1000
MCS 1000 - Chapter 11 Question and answers 100% correct
Product life cycle - correct answer the stages a new product goes through in the marketplace
1) introduction
2) growth
3) maturity
4) decline
1) Introduction - correct answer when product is first introduced into intended target...
MCS 1000 - Chapter 11 Question and
answers 100% correct
Product life cycle - correct answer ✔the stages a new product goes through
in the marketplace
1) introduction
2) growth
3) maturity
4) decline
1) Introduction - correct answer ✔when product is first introduced into
intended target market
- sales grow slow, profit is minimal as a result of marketing/promotional costs
- pricing and distribution strategies are implemented in this phase
2) Growth - correct answer ✔rapid increase in sales, competitor appear and
profit peaks
- changes to product occur to differentiate it from competitor's
- must gain as much distribution as possible
3) Maturity - correct answer ✔slowing down of industry sales/product class
revenue, marginal competitors leave the market
- sales increase at decreasing rate and profit declines
- consumers either repeated or tried and abandoned product
4) Decline - correct answer ✔when sales/profits begin to drop, prevented by
tech innovation
, Deletion - correct answer ✔dropping a product from a company's product
line; most drastic strategy
Harvesting - correct answer ✔when a company retains a product but
reduces marketing support costs
Dimension of product life cycle - correct answer ✔1) length - no exact time
span to move through life cycle; consumer products have shorter life cycles
- decreased by rate of technological advances
2) shape - not all products have same shape to curve
3) product class and form - important to distinguish
4) consumers - life cycle is dependent on consumer sales
- most sales after exposure to the market for some time
Product class - correct answer ✔the product category or industry (ex., video
games)
Product form - correct answer ✔variations of a product in a product class
5 categories of product adapters - correct answer ✔1) innovators
2) early adapters
3) early majority
4) late majority
5) laggards
Product manager is responsible for: - correct answer ✔modifying the product
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