Product Life Cycle Quiz

What is the primary purpose of the Product Life Cycle (PLC) concept?

• To increase production costs

• To analyze a product category, product form, brand, or the product itself

• To decrease market competition

• To eliminate customer feedback

Which stage of the Product Life Cycle is characterized by rapid market acceptance and substantial profit improvement?

• Introduction

• Growth

• Maturity

• Decline

During which stage of the Product Life Cycle do sales show a downward drift and profits decline?

• Introduction

• Growth

• Maturity

• Decline

What does the Five Product Levels (FPL) model help firms understand?

• Production costs

• Customer needs and wants

• Employee satisfaction

• Competitor strategies

What is the core benefit in the context of product levels?

• The set of attributes and conditions customers expect

• The fundamental need or want the customer satisfies

• Any product variations or extra features

• All possible future augmentations and transformations

Which product level includes features necessary for a product to function?

• Core benefit

• Basic product

• Expected product

• Augmented product

What does the augmented product level refer to?

• Fundamental need or want

• Basic features necessary for function

• Extra features or services that exceed customer expectations

• All possible future augmentations

How are non-durable goods typically characterized?

• Long lifetime and require more personal selling

• Consumed for one or a few uses and purchased frequently

• Intangible and require quality control

• Encompass all possible future augmentations

What is a characteristic of durable goods?

• Consumed for one or a few uses

• Require more personal selling and service

• Intangible and inseparable

• Include all possible future transformations

What are services in the context of product classifications?

• Tangible goods with a long lifetime

• Intangible, inseparable, variable, and perishable products

• Fast-moving consumer goods

• Basic products necessary for function