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How can an industry put pressure on demand for a product? What are the steps or ways to put pressure on a products demand?
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- Select a product you are familiar with. Based on your knowledge of the product life cycle, what types of changes will occur to your selected product as it continues through the product life cycle? How will this affect the marketing of your selected product?What is a price? How does the price of a productdiffer from the cost of the product to the consumer?What role does the Product strategy choice play in achieving a competitive advantage?
- Design your product and provide it a name and a description and visual/picture of it (this can be your own drawing or an image from the internet with your brand/logo assigned to the image). Justify your choice by explaining in detail the reasons why you select your product (i.e. is there a demand for it? will it solve any social, environmental or financial issues? etc.). What is your vision for the selected productSelect a product you are familiar with. Do research about that product. Based on your knowledge of the product life cycle, what types of changes will occur to your selected product as it continues through the product life cycle? How will this affect the marketing of your selected product?What are the drawbacks of Test Marketing ??
- In which stage of the product life-cycle would you place Mi Ola’s products? In this stage, would you expect Helena Fogarty to put more emphasis on developing new products, deleting existing products, or modifying existing products? Why?How product mix strategies can be used to make product more effective in market? Elaborate your answer with the help of example.Do you agree that experience/exposure, time, and location are also factors in product development? Why? Please explain your answers per variable.
