Product Management

all the types of products that a company sells

• Product Mix

• Product Management

• Product Line

• Product Category

developing strategies for a product’s mix

• Product Mix

• Product Management

• Product Line

• Product Category

group of similar products, made by one company

• Product Mix

• Product Management

• Product Line

• Product Category

group of similar products made by many companies

• Product Mix

• Product Management

• Product Line

• Product Category

Product Life Cycle is stages that a product or a product category goes through from its beginning to its end.

• True

• False

What is the correct order of the Product Life Cycle?

• Introduction, Growth, Maturity, Decline

• Decline, Growth, Maturity, Introduction

• Growth, Maturity, Decline, Introduction

• Maturity, Introduction, Growth, Decline

• Introduction, Maturity, Growth Decline

New product introduced to market, Few/no customers know about product, Marketing focuses on promotion, Sales are zero, and Profit is below zero are characteristics of what stage?

• Introduction

• Growth

• Maturity

• Decline

Sales and profits rapidly rising, As product becomes successful, competitors enter the market, Marketers focus on distinguishing brand from others, Build brand loyalty, Add additional features, and Not all companies make it to this stage/past this stage are characteristics of what stage?

• Introduction

• Growth

• Maturity

• Decline

Sales level off, Competition is intense, Still distinguishing brand, Market improvements to product, and Look for ways to prevent decline are characteristics of what stage?

• Introduction

• Growth

• Maturity

• Decline

Sales begin to fall, Market to boost sales, and Discontinue product are characteristics of what stage?

• Introduction

• Growth

• Maturity

• Decline