dt topic 2.4

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20 Terms

1

What are the four main stages of the product lifecycle?

Introduction, Growth, Maturity, and Decline.

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2

What is the focus during the Introduction Stage?

Building awareness and creating demand.

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3

What characterizes the Growth Stage?

Rapid increase in sales and improving profitability due to economies of scale.

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4

What strategy involves setting a high initial price to recover costs?

Price Skimming.

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5

Give an example of a product in the Introduction Stage.

Samsung Galaxy Fold.

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6

What is the primary goal during the Growth Stage?

Expand market share and customer loyalty.

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7

What is a key strategy in the Maturity Stage?

Introduce product updates and new features.

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8

How do companies sustain interest in a product during Maturity?

Implement price reductions or promotions.

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9

What describes the Decline Stage of the product lifecycle?

Sales and profits decline due to market saturation or changing preferences.

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10

What should companies do during the Decline Stage?

Decide whether to discontinue the product or replace it.

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11

What is the focus of activities at the Introduction Stage?

High development, tooling, and marketing costs.

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12

What strategy can help clear inventory in the Decline Stage?

Discounts or clearance sales.

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13

Give an example of a product in the Decline Stage.

Apple iPod.

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14

What must companies do to maintain a product's popularity?

Introduce new features or expand into new markets.

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15

What factor influences the product lifecycle?

Products have a limited life.

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16

What is a Unique Selling Proposition (USP)?

A factor that makes a product stand out from competitors.

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17

Name a strategy to attract more customers during the product lifecycle.

Rebranding or changing the product image.

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18

How do car manufacturers apply methods to maintain vehicle popularity?

Updating vehicles annually with safety and tech upgrades.

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19

What example illustrates effective growth strategy?

Tesla Model 3 with competitive pricing and innovation.

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20

How does Apple sustain interest in the iPhone?

By releasing new models with advanced features annually.

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