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MARKETING BUS 260 PORTFOLIO ASSIGNMENT #4 1) How can an economy prosper if the majority of businesses are in the service industry? (10) For the most part an economy can prosper if the majority of businesses are in the service industry because services are intangible. They cannot be touched, tasted, or seen like a pure product can. The intangibility of a service can prove to be challenging to marketers, but with the use of appropriate images advertised along with the service the marketers can reinforce the benefit or value of the service successfully. Also, after a service has been performed, it can’t be returned so the consumer has no chance to try the service before purchasing it like it can with a product. Marketers can use variable nature of services to their advantage by micromarketing using segmentation. For instance, say someone has found that their MP3 player is broken and is no longer under warranty. If that person were to call some kind of Gadget Repair Company that sends out someone to help repair your MP3 player based on their expertise, this allows that company to offer a fully personalized service. Society today and in the future will always need the service industry. There are always going to be people who need someone to do what they don’t want to have to do. For instance, a couple who works full-time and has four kids might want to hire a house keeper, which would be a service and would be money going into the economy. Within the service industry there is not only housekeeping, there is tech support, to customer service desks in retail, to the guy who comes to fix a clogged toilet you don’t want to take care of yourself. Overall, there is always going to be a need for the service industry
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because there will always be things people don’t want to have to do for themselves or things one doesn’t have the knowledge or background to complete and they’ll have to pay for the services which will contribute to the economy and allow it to prosper. 2) Take a specific product through its life cycle. Describe the characteristics of each stage, of the life cycle, in the context of this particular product. (10) For the Chi hair straightener, it’s probable that the introduction of its life cycle began when it came out with its first hair flat iron in the late 1990’s by Farouk Systems Inc. One could assume that Farouk experienced initial losses with their CHI brand until they came out with a new CHI hair straightener that was ceramic coated which heated up instantly, was light weight, and left no damage to the particles of the hair. As soon as Farouk came out with this ceramic model, sales of the CHI hair straighteners took off. This was when the CHI brand was in the growth stage of the product life cycle because of the rapid take- off it had and because the demand accelerated so much for the CHI. Hair stylists and women with curly hair soon adopted the CHI as their hair straightener of choice because it didn’t damage your hair as much as other straighteners in the market. At the same time
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