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Multiple choice questions & answers: [For Quiz] [Answers are marked in green
and underlined]
12. List out the reasons as to why new product development is essential? -
Answer:
New product development essential due to
Changing customer needs and wants
Evolving of New Technologies
Shortened PLC
Increased domestic and foreign competition
15. List out the essential factors that would lead to the success of a new product
concept
Answer:
1. Product superiority
2. Economic advantage to user
3. Overall company fit
4. Technological compatibility
5. Familiarity to the company
6. Market need, growth, and size
2
7. Competitive situation
8. Defined opportunity
17. List out the various marketing strategies that can be used when a product is in its
introduction stage.
Answer:
Rapid-skimming strategy [high price - high promotion]
Slow-skimming strategy [ high price and low promotion ]
Rapid-penetration strategy [low price and high promotion]
Slow-penetration strategy [low price & low promotion]
18. What marketing strategies can be used when a product reaches growth stage?
Answer:
Improves product quality, styling, add features
Add new models
Enters new market segment
Distribution coverage and new distribution channels
Product awareness advertising to product preference advertising
Lower prices to price sensitive buyers
19. List out the marketing strategies that can be used when products reach maturity
and decline stage.
Answer:
Maturity stage
Market modification
Product modification
Marketing-mix modification
Decline stage
Identify weak products
Determine decline marketing strategies
Drop decision
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