BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Maturity Stage
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Growth Stage
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Decline Stage
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Introduction Stage
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Detailed explanation-1: -At the awareness stage, a buyer is trying to solve problems, get an answer, or meet a need. They’re looking for top-level educational content to help direct them to a solution, like blog posts, social content, and ebooks. Their value as a lead is low because there’s no guarantee that they’ll buy from you.
Detailed explanation-2: -Marketing strategies used in the introduction stages include: rapid skimming-launching the product at a high price and high promotional level. slow skimming-launching the product at a high price and low promotional level. rapid penetration-launching the product at a low price with significant promotion.
Detailed explanation-3: -In the awareness stage, consumers become aware they have a problem or need and start looking for a solution. They may know that they need to try something different, but they’re not exactly sure of what solutions are available. During this stage, consumers start doing basic research to better understand their options.
Detailed explanation-4: -In the introduction stage, the firm seeks to build product awareness and develop a market for the product. The impact on the marketing mix is as follows: Product branding and quality level is established, and intellectual property protection such as patents and trademarks are obtained.