LAP - Get a Life (Cycle)

The product life cycle refers to the stages a product moves through from the time it enters the market until the time

• It reaches maturity.

• Its sales growth slows down.

• It exits the market.

• It produces a profit.

Which of the following is a true statement about the introduction stage of the product life cycle:

• Profits are usually nonexistent.

• Costs are low.

• Sales growth is exploding.

• There is intense competition.

Which of the following is a true statement about the growth stage of the product life cycle:

• Costs go up.

• Competitors arrive on the scene.

• It's the longest-lasting stage of the product life cycle.

• Sales increase very slowly.

Kevin is standing in line to purchase the latest version of his favorite smartphone. He loves getting the newest technology as soon as it's available. Kevin is known as a(n)

• product bundler.

• price skimmer.

• maturity-stage buyer.

• early adopter.

During the growth stage, costs are affected by

• harvesting strategies.

• penetration pricing.

• economies of scale.

• market saturation.

Which of the following is a true statement about the maturity stage of the product life cycle:

• Sales growth slows down.

• Profits increase.

• Competition becomes less intense.

• It is the easiest stage for marketers.

Most of the products we use are in which stage of the product life cycle?

• Introduction

• Growth

• Maturity

• Decline

Which of the following is a true statement about the decline stage of the product life cycle:

• Sales increase.

• The stage can be fast or slow.

• Profits remain stable.

• The stage occurs before the maturity stage.

Which of the following is a type of "product" that the product life cycle can apply to:

• An idea

• A brand

• A national economy

• A market segment

Which of the following is one of the main goals of promotion during the introduction stage:

• Focusing on brand rather than product

• Beating the competition

• Stimulating repeat purchases

• Building awareness of the product