U4L3-4 HW Intro: Product and Place

What do consumers expect unless they are getting a great deal?

• High quality

• Low price

• Fast delivery

• Unique design

Which aspect of a product involves packaging, label, and website design?

• Quality

• Design

• Features

• Benefits

What differentiates a product in the market by delivering value to consumers?

• Quality

• Design

• Features

• Benefits

What is any positive effect that a product or service has on consumers' experience called?

• Quality

• Design

• Features

• Benefits

What is the term for the stages a product goes through from its introduction to its decline?

• Product life cycle

• Market saturation

• Sales curve

• Demand cycle

What stage comes after the growth stage in the product life cycle?

• Introduction

• Maturity

• Decline

• Saturation

What is the main goal during the introduction stage of a product's life cycle?

• Maximize profits

• Create awareness with consumers

• Reduce production costs

• Target late adopters

What characteristic defines early adopters?

• They prefer established products

• They are price-sensitive

• They are adventurous and like to be the first to own new products

• They wait for discounts

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

• Sales decline

• Competition enters the market with modified versions of the product

• Product is discontinued

• No promotion is needed

Why is heavy promotion needed during the growth stage?

• To reduce production costs

• To overshadow competition

• To decrease consumer attention

• To eliminate the product