Product life cycle: It includes four phases that a product progresses through during its life cycle. The phases includes: Introduction The product awareness is built and market of product is developed. Marketing mix is been used to help impact target market. Quality level as well as product branding is established. Growth The brand preference is built and market share is increased. The quality of product is increased and additional features are added. The increase in demand allows price to remain constant. Maturity The growth in sales diminishes. Similar products would show competition. The primary aim is to defend market share with maximizing profits. Some companies would enhance features of product for differentiating market product. Decline Sales begin to decline at this stage. It can maintain product by addition of new features and finding new uses. It can reduce cost and continue offering it. It can disconnect product and sell it to another inventory who willing to continue with product.

Question

Want to see the full answer?

Answer 1

Question

Chapter B, Problem B1.5MBD

Program Plan Intro

Product life cycle:

It includes four phases that a product progresses through during its life cycle.

The phases includes:

Introduction

The product awareness is built and market of product is developed.

Marketing mix is been used to help impact target market.

Quality level as well as product branding is established.

Growth

The brand preference is built and market share is increased.

The quality of product is increased and additional features are added.

The increase in demand allows price to remain constant.

Maturity

The growth in sales diminishes.

Similar products would show competition.

The primary aim is to defend market share with maximizing profits.

Some companies would enhance features of product for differentiating market product.

Decline

Sales begin to decline at this stage.

It can maintain product by addition of new features and finding new uses.

It can reduce cost and continue offering it.

It can disconnect product and sell it to another inventory who willing to continue with product.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

PROJECT II BIlogging for Dollars You have purchased a financial investment company, The Financial Level, that caters to individuals and families. You would like to develop a few blogs for your customers, employees, and partners. The goals for your customer blog are to gather honest feedback, provide a place for customers to interact, and help find new opportunities for your businesses. The goals for the employee blog are to gather knowledge, collect employment feedback, and offer a place where employees can post anonymous feedback for issues and concerns so you can manage your staff better. a. Research the Internet and find several customer blogs and employee blogs. b. Determine the top three blogs for customers and for employees and critique the blogs for content, ease of use, and overall value. c. Design a prototype customer blog and a prototype employee blog for The Financial Level using Word, PowerPoint, or a tool of your choice.

About Pearson Charitable Foundation Pearson announced today that, to support and increase its efforts to maximise social impact, it will integrate its corporate responsibility activities and functions into its business and, as of 2015, will no longer fund the Pearson Charitable Foundation as the primary vehicle for its philanthropic and community activities. Having been informed of this change in its funding, the Foundation Board of Directors on November 17 passed a resolution to wind down its operations and close at the end of 2014. Since 2003, the Foundation has contributed more than $130 million to programs that improve learning opportunities for people throughout the United States and globally. Pearson Charitable Foundation Chief Executive, Mark Nieker, said: “The Foundation is proud of the contribution it has made for teachers and students around the globe in the course of our history, with the support of Pearson and our other funders. We would like to extend our thanks to the…

The Bright Light Academy The Bright Light Academy is a high school that is located in Midrand. The school opened its doors for enrolment of students in 2018. They enrol from Grade R to Grade 12. As of the last quarter of 2020, the school’s enrolment has grown tremendously to 400 students and they are anticipating that their enrolment will increase further. Since its inception, the school has been using Pastel Accounting to administer its finances. The school board of trustees has made a decision to develop an in-house integrated school management system. The school is hoping that the system will help in its blended learning strategy in the beginning of the second quarter of 2021. Source: Maodza, B. (2021)Question 4You have been hired as the Lead Architect of the school. Model a detailed use case diagram for the proposed integrated school management system.