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What is the first stage of the product life cycle?

• Development

• Introduction

• Growth

• Maturity

Which factor does NOT cause a change in the demand for products?

• Change in price

• Customer tastes/expectations

• Product color

• Advertising

What happens during the development stage of a product's life cycle?

• Sales begin to increase

• The product is sold for the first time

• Sales are at zero

• Sales reach their peak

Which stage of the product life cycle is characterized by slow sales growth?

• Maturity

• Decline

• Introduction

• Growth

What is an extension strategy?

• A plan to reduce product price

• A method to increase product sales

• A strategy to shorten the product life cycle

• A tactic to decrease advertising costs

Which of the following is NOT a strategy to extend the product life cycle?

• Re-branding

• Repackaging

• Product modification

• Reducing quality

What does re-branding refer to?

• Selling the same product under a new brand identity

• Selling the product in new markets

• Modifying the product's features

• Changing the product's price

Why did HMV experience a downturn in sales in 2016?

• Because of an increase in product prices

• Due to a recall of all products

• Because of a change in consumer trends

• Due to a global economic crisis

Which stage of the product life cycle are Fairtrade products currently at, according to the text?

• Decline

• Introduction

• Growth

• Maturity

What is the saturation point in the product life cycle?

• When sales are at their peak and very few new customers can be found

• When sales begin to fall

• When the product is first introduced to the market

• When the product is in the development stage