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- Pick a familiar product: a camera, microwave oven, lawn tool, or something else. Shop for this product at two very different store types, say, a discount store or category killer on the one hand and a department store or smaller specialty store on the other. Then shop for it online. Compare the three shopping outlets on product assortment, services, and prices. If you were going to buy the product, where would you buy it and why?Explain why some products succeed and others fail?As a newly appointed CFO of a microfinance, you realize the products on offer are not viable and therefore you decide to overhaul the product development process and product pricing. Highlight the key aspects you will focus on to ensure products are viable.
- What benefits do clients get from the combination of products and services?How does an industrial product differ from a consumer product? Discuss the types of industrial products and provide an example of each.Explain with the use of examples, why do some products experience long successful lives while others have very short life cycles?
- If you will sell a product, what would it be and why? Give an example of the features/ benefits.Describe the different stages of product life cycle. Please identify a product of your choice and mention at what stage the product is. Also, advice what steps needs to be taken so that the product can become more attractive to the customers.Description of the Product: What exactly is the product? What are the features and how do these benefit consumers? Target Market for the Product: Which group of consumers is the product targeted to? Brief Overview of the Marketing Mix for the Product. This should be a concise description of how you will address product features, distribution, promotion, and pricing for the product.