Question 1

Although products that remain in the maturity stage of the PLC seem unchanged,the most successful ones actually evolve to meet changing consumer needs.

Accepted Answer

Products in the maturity stage may seem the same, but successful ones must continue to adapt to meet changing consumer needs in order to remain relevant and competitive.

Question 2

During the introduction stage,a company that acts as a market pioneer should execute a launch strategy that is part of a marketing plan for the product's entire life-cycle.

Accepted Answer

It is true that during the introduction stage, a company that acts as a market pioneer should execute a launch strategy that is part of a marketing plan for the product's entire life-cycle. This launch strategy should aim to create awareness and generate interest in the product among the target market. It should also focus on establishing the product's unique selling proposition and positioning it correctly in the market. By doing so, the company can gain a significant advantage over its competitors and pave the way for further growth and success in the market.

Question 3

If sales of a product falter during the maturity phase of the PLC,a company can take several approaches.The more common ones are to modify the marketing mix,modify the product or modify the market.

Accepted Answer

This statement is true. When sales of a product start to decline during the maturity phase of the product life cycle, companies can pursue different strategies to try to revive sales. Modifying the marketing mix (product, price, promotion, and distribution) can help to differentiate the product from competitors or change the perception of its value in the minds of consumers. Modifying the product itself can involve introducing new features, improving its quality, or changing its design to better meet the needs and preferences of consumers. Finally, modifying the market can involve expanding the target audience, finding new distribution channels, or entering new geographic markets where the product may have more demand.

Question 4

When a company decides to maintain a product in the decline stage,it will reduce costs and hope that sales hold up to increase the profits in the short run.

Accepted Answer

The answer of When a company decides to maintain a...

Question 5

Sales for the time-tried household cleansers made by Brite and New,Inc.have been declining for some time.If these products are typical,sales are declining because of technological advances,shifts in consumer tastes and lack of raw materials from foreign suppliers.

Accepted Answer

The statement does not provide enough specific information to conclusively determine that the decline in sales for Brite and New, Inc.'s household cleansers is due to technological advances, shifts in consumer tastes, and lack of raw materials from foreign suppliers. These factors are speculative without direct evidence linking them to the sales decline.

Question 6

During the growth stage of the PLC,the strategic focus should be on defending market share.

Accepted Answer

During the growth stage of the Product Life Cycle (PLC), the strategic focus is typically on building brand preference and increasing market share, rather than defending it, as the market is expanding and the goal is to attract new customers.

Question 7

During the product ________ stage of the product life-cycle,sales are zero and a company's investment costs add up.

Accepted Answer

The answer of During the product ________ stage of the...

Question 8

If a firm can afford to retain its declining product until major competitors withdraw from the market,it may enjoy several more years of satisfactory profits.

Accepted Answer

By retaining a declining product, a firm can continue to make profits until competitors withdraw from the market, giving the firm a few more years of satisfactory profits.

Question 9

A(n)________ is a currently accepted or popular style in a given field and is characterised by a product life-cycle showing slow growth,a period of popularity and then a slow decline.

Accepted Answer

The answer of A(n)________ is a currently accepted or popular...

Question 10

A(n)________ is a fashion that enters quickly and is adopted with great zeal and is characterised by a product life-cycle showing an early peak and quick decline.

Accepted Answer

The answer of A(n)________ is a fashion that enters quickly...

Question 11

Companies need to pay attention to their aging products.Management should regularly review sales,market shares,costs and profit trends,and then decide whether to maintain,harvest or drop these declining products.

Accepted Answer

This statement is true. Companies must regularly evaluate their product portfolio, including aging products, to determine if they should continue investing in them or cease production. Factors like sales, market share, costs, and profits should be analyzed to make these decisions.

Question 12

A(n)________ is a basic and distinctive mode of expression which has a product life-cycle showing several periods of renewed interest.

Accepted Answer

The answer of A(n)________ is a basic and distinctive mode...

Question 13

When a product reaches the decline phase of its life-cycle,death is inevitable and the product should be automatically dropped.

Accepted Answer

While a product in the decline phase may no longer be profitable or in high demand, there may still be a loyal customer base or niche market that continues to support it. Companies may also choose to keep the product around for strategic reasons, such as maintaining a certain brand image or offering a full product line to customers. Therefore, the decision to drop a product should not be automatic and should be carefully evaluated based on various factors.

Question 14

Profits rise during the growth stage of the PLC because promotion costs are spread over a large volume,and unit manufacturing costs fall.

Accepted Answer

During the growth stage of the PLC, sales volume increases which leads to spreading of promotion costs over a larger volume, and as a result, the unit manufacturing costs also fall. This leads to increased profit margins.

Question 15

The course of a product's sales and profits during its lifetime is known as the ________ ________-________.

Accepted Answer

The answer of The course of a product's sales and...

Question 16

Market modification involves the search for new users and market segments and / or the attempt to increase usage among present customers.

Accepted Answer

Market modification includes both finding new users and market segments, as well as increasing usage among current customers.

Question 17

The ________ stage of the product life-cycle is a period of slowdown in sales growth because the product has achieved acceptance by most potential buyers.

Accepted Answer

The answer of The ________ stage of the product life-cycle...

Question 18

A major 'hidden' cost associated with keeping a weak product is that it may delay the search for,and introduction of,products the firm may need to assure future profitability.

Accepted Answer

Keeping a weak product consumes resources and attention that could be directed towards developing new and better products. This delay in introducing new products can negatively impact the firm's future profitability.

Question 19

The ________ stage of the product life-cycle is a period of rapid market acceptance and increasing profits.

Accepted Answer