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: -An Extension Strategy is the name given to the action a business takes when it identifies a product is entering the decline stage of the Product Lifecycle. These actions aim to extend the life of a product, by keeping the product within the maturity stage, and should improve sales.
Detailed explanation-2: -The introduction stage happens when a product is launched in the marketplace. This is when marketing teams begin building product awareness and targeting potential customers.
Detailed explanation-3: -A product life cycle is the amount of time a product goes from being introduced into the market until it’s taken off the shelves. There are four stages in a product’s life cycle-introduction, growth, maturity, and decline.
Detailed explanation-4: -The product life cycle is used to divide the life of a product from beginning to end. In the first stage, the product is Imagine for the first time. Then, it is introduced to the market. The product has to make its way into the market to maximize its potential share of the market.