GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Growth
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Introduction
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Product Development
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Maturity
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Detailed explanation-1: -Introduction Typically, when a product is introduced, sales are low and demand builds slowly. In this phase, marketers focus on advertising and marketing campaigns.
Detailed explanation-2: -Market Introduction and Development This product life cycle stage involves developing a market strategy, usually through an investment in advertising and marketing to make consumers aware of the product and its benefits. At this stage, sales tend to be slow as demand is created.
Detailed explanation-3: -The Introduction Stage Company advertising is mainly focused on building brand awareness. Companies usually price their brands relatively high during the introduction stage to recoup some of their development costs. Competition is low or non-existent during this stage.
Detailed explanation-4: -The introduction phase is the first time customers are introduced to the new product. A company must generally includes a substantial investment in advertising and a marketing campaign focused on making consumers aware of the product and its benefits, especially if it is broadly unknown what the item will do.