MKT 301- Test 3 help questions

MKT 301- Test 3 help questions - 1 In the Introductory...

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1-  In the  Introductory stage , the product is introduced to the market to establish a clear identity and  promote maximum awareness.  Growth stage , distinguished by increasing sales and the emergence  of competitors.  Maturity stage  is when competitors begin to leave the market and sales volume  reaches a steady state. In  Decline stage,  the lingering effects of competition, unfavorable economic  conditions, new fashion trends, etc, often explain the decline in sales. 2- 3- Modifying the product:   by altering a product’s characteristic such as quality,  performance or appearance. Modifying the market:  by finding new users, encourage consumers to increase the use  of product or creating new use situation (like laundry soap which was originally hand  washing one) Product repositioning:  is changing a place the product occupies in consumer’s mind  relative to competitive product. (Reacting to competitor’s position, reaching a new  market, catching a rise trend, changing the value offered) 4-  Family-branding:  one brand name may be used for a number of products. Private-branding:  large retailers buy goods in bulk and then put their own brand name  on them. 5- Communication Benefits : Helping with the advertising. It can communicate simply by  the shape.  Functional Benefits:  packaging play important role such as storage, convenience,  protection or product quality. Protection, may give the product protection which could be  from light or from breaking Perceptual Benefits:  Helping create image of the product. If the packaging looked  expensive, it gives you an idea that the price of these products is expensive and has  high quality. 
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