GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To determine the acceptance of a product by a limited market
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To make sure that a marketing plan is firmly in place
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To make changes in order to extend a product’s life cycle
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To evaluate how a product might fit the firm’s product mix
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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: -Advantages of Using the Product Life Cycle This enables the company to internally shift resources to specific products based on those products’ positioning within the product life cycle. For example, a company may decide to reallocate market staff time to products entering the introduction or growth stages.
Detailed explanation-3: -Extension strategies: 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. Change promotion– Different advertising or sales promotion techniques can prolong the life of the product, giving it a new image.