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Problem: There are four phases of Product life cycles we have defined in this session:
Introduction, Growth, Maturity and Decline.
Suggest one different TYPE of product TODAY in each of these four categories that you have used or seen or read about.
Step by step
Solved in 2 steps
- Describe all stages of the product life cycle. Give an example of a real company’s behavior in one of the life cycle stages of your choice.Identify where each of the following products likely lie on a traditional Product Life Cycle. Justify each of your answers with the most current data and research you find on the Internet (e.g. sales, product development, competition, consumer feedback, etc.) b) Home Telephone (AT&T, Vonage, etc.)Give one example of a particular product for introduction stage (from Product Life Cycle) and make an explanation why such product is classified in that particular stage.
- What do you understand by the term 'product life cycle'? Illustrate your answer using an example of a fashion item that you have boughtBrand: Sandwich Guy Describe what differentiates it from the competition. You may select an attribute important to the consumers (you are considered as their customer) and explain why you use this product or avail this service. Describe a main target market and discuss why they are the appropriate segment to target. Share what you think is the value proposition of your chosen product or service.Brand: Dunkin Donuts Describe what differentiates it from the competition. You may select an attribute important to the consumers (you are considered as their customer) and explain why you use this product or avail this service. Describe a main target market and discuss why they are the appropriate segment to target. Share what you think is the value proposition of your chosen product or service.
- Suppose you bought a mobile phone recently. (As customer you have some basic expectations from this mobile at the same time the mobile should possess certain qualities/features for different levels. Now consider the mobile that you bought is an iPhone. You also bought clothes and Life insurance for yourself. For your Business purpose you bought raw materials, computer and writing papers.) relate the mobile phone with different product levels with proper explanation. Now relate all the mentioned purchased products with classification of products and discuss their characteristics with proper example ?Show implementation (mention examples) of each product mix decision using relevant product line decisions, make sure to link it.Identify where each of the following products likely lie on a traditional Product Life Cycle. Justify each of your answers with the most current data and research you find on the Internet (e.g. sales, product development, competition, consumer feedback, etc.) e) Soda (Coca Cola, Pepsi, Fanta, etc.)
- How product mix strategies can be used to make product more effective in market? Elaborate your answer with the help of example.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 productExplain the meaning of the rule below: "Find the opportunity first before coming up with a new product or service in the future."
