2.03 PLC

The product life cycle refers to a product moving:

• to maturity

• into, and eventually out of, the market

• into the top 40 products of the US

• through recessions in the economy

At which stage should you set up intellectual property? (patents/ trademarks/ copyrights)

• Introductcion

• Growth

• Maturity

• Decline

Which pricing strategy in the Introductory stage describes setting really low prices so that customers are more inclined to try your new product?

• skimming

• penetration pricing

• low-balling

• Walmart pricing

Which pricing strategy in the Introductory stage describes setting really high prices for your new product to recover costs and portray a premium product?

• skimming

• penetration pricing

• Apple pricing

• ballers-only pricing

Which IS NOT a main goal of promotion in the Introductory phase?

• Inform customers

• Build demand

• Build awareness

• Focusing on frequent customers

At which stage do companies need to persuade distributors the most to carry their products?

• Introductory

• Growth

• Maturity

• Decline

At which stage will companies introduce new product features or expand the product line?

• Introductory

• Growth

• Maturity

• Decline

At which stage does promotion transition from the product to the brand?

• Introductory

• Growth

• Maturity

• Decline

Prices in the growth stage tend to fall because of __________________.

• economies of scale

• more sales

• nicer suppliers

• a better reputation

At which stage do companies focus on differentiating their product from competitors (by making them easier to use or focusing on service)?

• Introductory

• Growth

• Maturity

• Decline