Product:
Overview
The product is the first and most important part of the marketing mix: if it does not meet customers' needs, no amount of clever pricing or advertising will save it. From the idea on a drawing board to the day it is taken off the shelves, every product travels through a predictable life, and smart firms manage that journey.
In this lesson you will learn the value and risk of developing new products, the power of brand image and packaging, and the product life cycle with its extension strategies. You will be able to draw and read a life-cycle diagram and explain how each stage changes a firm's pricing and promotion decisions.
Objectives
- The limitations and benefits of developing new products
- Brand image; impact on sales and customer loyalty
- The role of packaging
- The product life cycle: main stages and extension strategies; draw and interpret a product life cycle diagram
- How stages of the product life cycle can influence marketing decisions, e.g. promotion and pricing decisions
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Lesson Note
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Lesson Evaluation
Congratulations on completing the lesson on Product:. Now that youve explored the key concepts and ideas, its time to put your knowledge to the test. This section offers a variety of practice questions designed to reinforce your understanding and help you gauge your grasp of the material.
You will encounter a mix of question types, including multiple-choice questions, short answer questions, and essay questions. Each question is thoughtfully crafted to assess different aspects of your knowledge and critical thinking skills.
Use this evaluation section as an opportunity to reinforce your understanding of the topic and to identify any areas where you may need additional study. Don't be discouraged by any challenges you encounter; instead, view them as opportunities for growth and improvement.
- The four stages of the product life cycle, in order, are: A. growth, introduction, decline, maturity B. introduction, growth, maturity, decline C. maturity, growth, introduction, decline D. introduction, maturity, growth, decline Answer: B
- At which stage are sales of a product at their peak and levelling off? A. introduction B. growth C. maturity D. decline Answer: C
- An action taken to prolong the maturity stage of a product is called: A. a launch strategy B. an extension strategy C. price skimming D. market research Answer: B
- A strong brand image mainly helps a business by: A. lowering its production costs B. building customer loyalty and allowing higher prices C. removing the need for packaging D. ending the product life cycle Answer: B
- Which is NOT a role of packaging? A. protecting the product B. giving information C. attracting customers D. setting the interest rate Answer: D
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