CH 10 Marketing
Product bundling is one approach that may be used in a ______ __________strategy to increase a product's value to customers. (Enter one word in each blank.)
Blank 1: product Blank 2: modification
In the _______ stage of the product life cycle, demand and sales increase, profits peak, and there are more competitors.
Growth
Key characteristics of the maturity stage are which two of the following?
Marketing costs are directed at holding market share. Intense competition on price occurs.
product life cycle
a stage of a new product goes through in the marketplace: introduction, growth, maturity, and decline
A product manager is sometime called a(n) _______ manager.
brand
Who is responsible for managing existing products through the stages of the life cycle?
brand manager
The product ________ of prerecorded music includes product ________ like cassette tapes, CDs, and digital music.
class; forms
Once sales and profits decrease for a product, the product is in the _________________ stage of the product life cycle.
decline
Products in the ________ of the product life cycle tend to consume a disproportionate share of management and financial resources relative to their future worth.
decline
The way a product spreads through the population is known as ______.
diffusion of innovation
introduction stage - product life cycle
during this period, sales grow slowly and profit minimal
Product Blank______ pertains to variations within the product class, where each may have its own product life cycle curve.
form
Product Modification
involves altering more of products characteristics such as quality, performance, or appearance
Modifying the product, modifying the market, and repositioning the product are three ways to manage a product through ______
its life cycle
A graph can be used to show the changes in sales revenue and profit over the stages of the product _____.
life cycle
The product life cycle is ___.
made up of the stages a product goes through in the marketplace, from introduction to decline
In the ________ stage of the product life cycle, most consumers who would buy the product are either repeat purchaser of the item or have tried and abandoned it, making it more challenging to acquire new customers.
maturity
During the introduction stage, total industry profit is Blank______.
minimal
What are the three primary ways to manage a product through its life cycle?
modifying the product modifying the market repositioning the product
The growth stage of product life cycle is characterized by more competition and a ________.
rapid increase in sales
market modification
strategies by which a company tries to find new customers, increase a product's use among existing customers, or create new use situations
The different stages a product goes through during its existence is known as Blank_____
the product life cycle
Decline stage
when sales drop