Can you please answer these, please? I\'m doing my own research as well. I want
ID: 326616 • Letter: C
Question
Can you please answer these, please? I'm doing my own research as well. I want to do well on my test with thorough answers.
CHAPTER 9 .Understand the product life cycle, specifically as it relates to new product ideas. .Understand each stage of the product life cycle, specifically how each stage affects customers. . Understand profitability in the sales decline stage of the product life cycle . Understand how competitors act in the difference stages of the product life cycle . Understand the market introduction stage, specifically, how it affects profitability for most companies. Know in which product life cycle stage industry profits start to decline and why . Understand the various components of the market maturity stage, specifically as it relates to competition. . Know general trends considering product life cycles, specifically if they are generally getting longer or shorter CHAPTER 10 . Understand what makes Place decisions unique from the other 3Ps. . Understand the impact the internet has made, specifically in terms of reaching customers. . Understand the cost of distributing physical and digital products. . Understand why marketers would favor a low-cost retailer . Know the definition of homogenous products and where those are generally sold, and why . Understand the different types of distribution channels, specifically know in which one a firm is most likely to maintain control of the marketing mix. Understand the difference between direct and indirect distribution channels. Understand the various functions of intermediaries. . Know the definition of regrouping and what activities it includes. .Know the definition of "discrepancies of assortment.Explanation / Answer
1)Understanding PLC
2)Understanding each stage of PLC, how each stage effects customers
3)understanding the sales in decline stage.
4)understand how competitors act in different stages.
5)In which life cycle stage product profit decline :
ANSWERS
Product Lifecycle :
It determines different phases a product go through from to reach the final stage, there may be many difficulties arise in growing from one stage to another, not every product finished final stage some rises and fall and some continue to grow rapidly. Every product may have a different PLC. Plc help in managing cashflows, Plc contribute to strategic marketing planning, There are different stages involved in PLC they are;
1.Introductory
2. Growth.
3.Maturity.
4. Decline.
Introductory stage: It is the initial stage and at this stage, sales are very less because consumers are not aware of the product one have to choose some marketing strategies to improve their profits. In this stage, customers are in dilemma to buy the product or not they purchase the product based on the marketing the company has done so far and based on the brand values.Many businesses either price their products low or high, depending on their industry and financial.Low pricing helps a business penetrate the market and increase customers. competitors are also low as they could not understand the concept of the product.
Growth stage: in this stage sales increases and demand for the project also increases, the customers buy them on regular basis, in this stage company can affect customers also because seeing its large customers and users its may suddenly increase the rate of the product or can replace the size of the product this is done in case if there are no competitors for the product, if there is a competition definitely the price reduces and company has to choose some other strategy.
Maturity stage: In this stage, all target customers have your product so a company cannot receive many sales at this stage, less demand for the product at this stage customers can avail discounts from the companies they will be profitable and companies use another competitive strategy to retain in the market. In this stage generally, the starts to decline as maturity achieved almost all everyone uses the product
Decline stage: This is the final stage in PLC sales are less and demand also decline, at this stage, the company has to decide whether to discontinue the product or has to continue its sales. IF company continues its sales it will decrease the product price in turn customers start buying the product, sales may increase slightly. Some company doesn't apply any strategy because they feel that a period of sales dip and wait for sometime to study the market and takes a decision.
----------------------------------------------------------------------------------------------------------------
chapter 10
Understand what makes place decision unique from the other 3 Psc
For effective marketing, every company has to follow these 4 ps they are price, product, promotion, place. Place decision is unique from other 3 Ps because a place is where u sell promote ad advertise ut product, it may be distributors are or an online market, sales start from the place which u select initially to advertise ur product, so one has to identify the place to promote their product.
Understand the impact internet has made specially in terms of reaching customers;
Internet plays a major role in reaching out the customers such as through social media websites and through youtube or online marketing. company manager tends to advertise their product through facebook market or conduct competitions and campaigns through them, they can promote their product by giving different offers through online sites and improve sales, growing technology at present many access internets, the sales through internet also increased rapidly than earlier so companies should and must try this medium to improve their sales and demand.
Know the definition of homogeneous products and those generally sold
Homogeneous goods are substitutes of the goods and sold with perfect competition, firm creates differentiation through perfect service and good quality eg: clothing, milk, staples etc.