Businesses must adapt their strategies at each stage of the product life cycle to maximize profitability.
True
Recognizing the current stage of a product allows businesses to optimize marketing efforts.
True
During the maturity stage, intense competition requires businesses to differentiate their product
Product portfolio management involves evaluating each product's potential and contribution to the business
What is the primary marketing strategy during the introduction stage of the product life cycle?
Build awareness
What is the primary business strategy during the maturity stage of the product life cycle?
Maintain customer base
What is the marketing strategy for the growth stage of the product life cycle?
Maximize market share
What is one potential drawback of innovation as a strategy for extending product life?
High R&D costs
Why is it essential for businesses to understand the product life cycle?
To plan marketing strategies
What is the primary goal of businesses during the maturity stage of the product life cycle?
Maintain customer loyalty
In the decline stage, businesses often reduce marketing spend or phase out the product.
True
Effective product portfolio management can enhance resource allocation and improve risk management.
True
During the growth stage of the product life cycle, sales increase and profits begin to rise
During the maturity stage, profits remain stable while competition becomes more intense
During the maturity stage, businesses aim to differentiate their product through quality, features, or service
Market diversification reduces a company's dependence on a single market
The product life cycle consists of four key stages
In the introduction stage, businesses focus on building awareness
What marketing strategy is most effective during the introduction stage of the product life cycle?
Building awareness
What is the primary goal of product portfolio management?
Optimize business performance
The product life cycle consists of four stages: introduction, growth, maturity, and decline.
True
During the introduction stage, businesses focus on building awareness and distribution channels.
True
In the introduction stage, the focus is on building awareness, while in the maturity stage, the priority shifts to maintaining customer loyalty.
True
Match each product life cycle stage with its corresponding marketing strategy:
Introduction ↔️ Build awareness
Growth ↔️ Maximize market share
Maturity ↔️ Maintain customer loyalty
Decline ↔️ Reduce marketing spend
What are the four stages of the product life cycle?
Introduction, growth, maturity, decline
Match the stage of the product life cycle with its key characteristic:
Introduction ↔️ Low sales and minimal competition
Growth ↔️ Increasing sales and rising profits
Maturity ↔️ Peak sales and intense competition
Decline ↔️ Decreasing sales and few competitors
Order the stages of the product life cycle from start to end:
1️⃣ Introduction
2️⃣ Growth
3️⃣ Maturity
4️⃣ Decline
Match the stage of the product life cycle with its corresponding marketing strategy:
Introduction ↔️ Build awareness
Growth ↔️ Maximize market share
Maturity ↔️ Maintain customer loyalty
Decline ↔️ Reduce marketing spend
Product portfolio management is the strategic process of selecting, developing, and managing a company's range of products to optimize overall business performance
Match each product life cycle stage with its key characteristic:
Introduction ↔️ Low sales, high marketing costs
Growth ↔️ Rapid sales increase, rising profits
Maturity ↔️ Peak sales, intense competition
Decline ↔️ Sales decrease, diminishing profits
Arrange the stages of the product life cycle in the correct order:
1️⃣ Introduction
2️⃣ Growth
3️⃣ Maturity
4️⃣ Decline
During the decline stage, businesses should reduce marketing spend and consider phasing out the product.
True
Strategies for extending product life help products remain competitive by adapting to market trends and customer needs.