Regarding product life cycles, good marketing managers know that:
A) all new brands start off in the market introduction stage.
B) product life cycles can be extended through product modifications.
C) a product must pass through all the product life cycle stages.
D) no strategy planning is needed during the sales decline stage.
E) a firm should use penetration pricing during market introduction, especially if the cycle is expected to move slowly.

Question

Quizplus · Accepted Answer

Good marketing managers know that product life cycles can be extended through product modifications. This means that the product can be improved, updated, or changed to meet new customer needs and preferences, which can help to keep it in the maturity or growth stages for longer periods of time. It is not necessary for a product to pass through all the life cycle stages, and sales decline stage does require strategy planning to determine whether to discontinue or revamp the product. Penetration pricing may not always be the best strategy during market introduction, as it may not be sustainable in the long run.

Regarding Product Life Cycles, Good Marketing Managers Know That