Spring 2018 Principles of Business Final Exam Review

Which is the correct order for the product life cycle.

• Growth, Decline, Introduction, Maturity

• Introduction, Growth, Decline, Maturity

• Introduction, Growth, Maturity, Decline

• Maturity, Growth, Decline, Introduction

A _______is a product, service or idea that is extremely popular for a very brief period of time

• Popular Product Life Cycle

• Fad Product Life Cycle

• Seasonal Product Life Cycle

• Niche Product Life Cycle

A _______ is a small section of a regular market. Since the market is so small there is very little competition but also less overall customers. For example, a niche market would be an exotic meat market that sells elk, deer and wild boar meat.

• Popular Product Life Cycle

• Fad Product Life Cycle

• Seasonal Product Life Cycle

• Niche Product Life Cycle

A __________is a product or service that has periods of high and then low demand. Sales would peak in the Summer (July and August) and they would have very few or no sales in the winter.

• Popular Product Life Cycle

• Fad Product Life Cycle

• Seasonal Product Life Cycle

• Niche Product Life Cycle

A new product is introduced into the marketplace.

• Growth

• Maturity

• Introduction

• Decline

More and more people purchase the product and begin to use it.

• Growth

• Maturity

• Introduction

• Decline

This is the period when sales of a product increase more slowly. The product or service has reached its peak of popularity.

• Growth

• Maturity

• Introduction

• Decline

As profits decrease, the company must decide to change the product or how they are marketing it to increase sales.

• Growth

• Maturity

• Introduction

• Decline

Word or group of words used to distinguish product from competitors product.

• Brand Name

• Logo

• Slogan

• Jingle

A symbol associated with the product.

• Brand

• Logo

• Slogan

• Jingle