BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To determine the acceptance of a product by a limited market
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To make sure that a marketing plan is firmly in place
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To make changes in order to extend a product’s life cycle
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To evaluate how a product might fit the firm’s product mix
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Detailed explanation-1: -Understanding how a product’s life cycle works allows companies to work out whether their products are meeting the needs of the target market and, thereby, when they may need to change focus or develop something new.
Detailed explanation-2: -Products reach maturity and then gradually start to decline once the market becomes saturated. For this reason, one way to extend the life cycle of a product is to constantly look for ways to improve, switch up and even differentiate your product from copycat products that have entered the market.
Detailed explanation-3: -The product life cycle better allows marketers and business developers to better understand how each product or brand sits with a company’s portfolio. This enables the company to internally shift resources to specific products based on those products’ positioning within the product life cycle.