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UNIT 2 — MILESTONE 2Score20/23You passed this Milestone20 questions were answered correctly.3 questions were answered incorrectly.1An appliance maker determined many of their competitors were leading the market for one of their products. The company had experienced acontinuous loss in sales over the past year.Which of the following phases of the product lifecycle does this illustrate?DeclineMaturityIntroductionGrowthCONCEPTProduct Life Cycle 2A company selling a new product would consider using a skimming pricing strategy for which of the following reasons?To generate consumer interest in the productTo cover high marketing costs for a new productTo be competitive with companies selling similar productsTo develop brand loyalty with its current marketCONCEPTPrice 3
An office supply company created a new office organization product. Its customers have very little knowledge about the product, and thecompany is willing to modify the product to adjust to the market.Which phase of the product lifecycle below does the scenario describe?MaturityGrowthIntroductionDeclineCONCEPTProduct Life Cycle 4A company legally protected its name, logo and symbols to ensure none of these elements could be copied.Which of the following does this scenario describe?PackagingTrademarkBrandingBrand collateralCONCEPTBasics of Branding 5Which of the following is a disadvantage to using an intermediary?Can increase distribution capabilitiesCan provide convenience for the consumerCan provide expertise a business may lackCan increase the cost of a product or service
CONCEPTPlace 6A company created a line of cleaning products that uses natural ingredients instead of harsh synthetic chemicals.