Question 1

When the market for it stabilizes, a product has entered the _____ stage of the product life cycle.

Accepted Answer

The maturity stage is characterized by a stabilization of the market for the product. At this point, sales growth slows down or levels off, and competition intensifies. This is also the stage where businesses may focus on product improvements, promotions, or cost-cutting measures to maximize profits.

Question 2

Sales in the "maturity" stage are still growing, but at a decreasing rate.Consequently, the company will stay in this stage for only a short time.

Accepted Answer

In the maturity stage, sales peak and growth slows, but companies can remain in this stage for a long time, focusing on differentiation and maintaining market share rather than rapid growth.

Question 3

Over the last few decades, the workforce has become more diverse.

Accepted Answer

With globalization and the increasing awareness and advocacy for diversity and inclusion, the workforce has indeed become more diverse in terms of gender, race, ethnicity, age, religion, and other dimensions of diversity.

Question 4

In 2004, LEGO had reached the "decline" stage as young people were no longer interested in playing with LEGOs.It faced two possibilities: go out of business or reinvent itself.It was able to reinvent itself.

Accepted Answer

This is a true statement. LEGO did face a decline in the early 2000s but was able to reinvent itself and become successful again.

Question 5

Prior to making a comeback in the last 15 years, the LEGO brand progressed through the _____ stage of the product life cycle.

Accepted Answer

The declining stage of the product life cycle is characterized by a decrease in sales and profits as the product loses its appeal in the market. Prior to its comeback, LEGO was struggling financially and experiencing a decline in sales.

Question 6

Describe the product life cycle.

Accepted Answer

The answer of Describe the product life cycle....

Question 7

Though once extremely important, the Baby Boomers generation is now declining as a major marketing force.

Accepted Answer

The answer of Though once extremely important, the Baby Boomers...

Question 8

In a report about the stages of the product life cycle, brand manager Erica Shannon would not include _____.

Accepted Answer

The stages of the product life cycle typically include development, introduction, growth, maturity, and decline. However, development is not typically considered a stage of the product life cycle as it refers to the activities involved in creating a new product, rather than the stages of its market performance.

Question 9

Low?fat or "light" dairy products are probably in the _____ stage of the product life cycle.

Accepted Answer

The answer of Low?fat or "light" dairy products are probably...

Question 10

In this scenario, the product life cycle actually has _____.

Accepted Answer

The scenario implies that there is a product being considered, which means that the product life cycle has relevance in determining the product's success or potential for growth. Thus, choice (D) is the best answer.

Question 11

Marketers must keep abreast of technological advances to ward off threats to product profitability.

Accepted Answer

Technology has a great impact on product profitability, and marketers need to stay up to date with the latest advances to ensure that their products remain profitable and competitive in the market. Failure to do so could result in the loss of market share or even the failure of the product.

Question 12

Most products that enter the decline stage of the product life cycle are able to reinvent themselves.

Accepted Answer

Most products in the decline stage of the product life cycle do not successfully reinvent themselves and often continue towards obsolescence due to changing consumer preferences, technological advancements, or increased competition.

Question 13

When you buy something as a reflection of your economic status, you're acting under social influences.

Accepted Answer

Social influences can shape our behavior and decision-making, including our desire to display our economic status through the things we buy. This can be seen in the popularity of luxury brands or the pressure to keep up with certain social circles.

Question 14

Scenario-Based
The dairy industry still uses cow's milk as the base for its varied products.Over time, however, competition from other types of milk has forced changes in the traditional American taste for milk, ice cream, cheese, cottage cheese, yogurt, frozen yogurt, and sherbet.Currently, for example, soy milk and other related items are making inroads in this traditional market.
-_____ has driven the dairy industry to reduce milk?fat content from whole milk to 2% to 1% to no-fat over the last few decades.

Accepted Answer

Consumer health consciousness is the driving force behind the dairy industry's reduction in milk fat content over the last few decades. Consumers are becoming more health-conscious and are seeking lower-fat dairy options, leading to the industry's shift towards lower-fat products.

Question 15

Whole or 4% milk is in either the _____ or _____ stage of the product life cycle.

Accepted Answer

Whole or 4% milk is in the maturity or decline stage of the product life cycle due to competition from alternative milk products like soy milk, indicating a shift in consumer preferences and market saturation.

Question 16

During the _____ stage of the product life cycle, advertising costs will go up.

Accepted Answer

During the growth stage, advertising costs will go up as a company tries to establish its brand and increase its market share. This is because the product is still new and needs to be promoted heavily in order to gain traction among consumers.

Question 17

Buttermilk, for which today's younger market has a strong distaste, is in the _____ stage of the product life cycle.

Accepted Answer

The fact that today's younger market has a strong distaste for buttermilk suggests that it is in the decline stage of the product life cycle. During this stage, sales decline and consumer interest wanes.

Question 18

In the _____ stage of the product life cycle, price competition becomes more intense and profits harder to come by.

Accepted Answer

The answer of In the _____ stage of the product...

Question 19

The company becomes more profitable in the "growth" stage of the product life cycle as sales go up.

Accepted Answer

During the growth stage, sales are increasing rapidly. As a result, the company is able to spread fixed costs over more units, achieve greater economies of scale, and increase profit margins. Therefore, the company becomes more profitable in the growth stage of the product life cycle.

Question 20

The following is true for the product you manufacture and sell: Sales are growing, but at a decreasing rate.You're spending a lot on advertising to differentiate yourself from the competition.Prices are dropping although your profits are still good because of high sales volume.Which life-cycle stage is your product in?

Accepted Answer

The decreasing growth rate and high sales volume indicate that the product is in the maturity stage. The need for high advertising spend suggests that competition is increasing, which is common in the maturity phase. The dropping prices and good profits due to high sales volume further support the maturity stage.

Quiz 10: Marketing: Providing Value to Customers