ENTREPRENEURIAL MARKETING
MARKETING MIX
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Customers needs can be ignored.
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It can extend the product’s life cycle.
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Business risk is increased.
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It will increase delegation.
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Detailed explanation-1: -Extension strategies: Change product– New and improved versions of the product can be released… version 2.0 and then version 3.0. Change price– Price can be lowered to allow new customers to buy it. Change place– Products can be sold in different countries or territories to gain more sales.
Detailed explanation-2: -There are four stages of the classical Product Lifecycle. These are: introduction, growth, maturity, decline. Product extension is when the product lifecycle is extended beyond decline by innovating a new growth curve.
Detailed explanation-3: -improved productivity. reduced costs. increased competitiveness. improved brand recognition and value. new partnerships and relationships. increased turnover and improved profitability.