GK
MARKETING MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
Five years after a new product has been introduced, sales begin to level off because customers are purchasing the competitor’s brand. Which strategy would be most appropriate to use in this situation?
|
|
take the product off the market
|
|
|
do nothing; fluctuations in sales are common
|
|
|
modify the product to renew customer interest
|
|
|
triple the advertising budget for the product
|
Explanation:
Detailed explanation-1: -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-2: -Five phases guide the new product development process for small businesses: idea generation, screening, concept development, product development and, finally, commercialization.
There is 1 question to complete.