Answered: 2. Product is most likely a "cash cow"…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Transcribed Image Text:Below are listed a number of statements related to marketing objectives, product characteristics, competitors and pricing strategies at different stages of the product life cycle. Each statement relates to one of the following four phases of the product life cycle: a. Introduction b. Growth c. Maturity d. Decline On your answer sheet, mark the letter (a,b,c,or d) corresponding to the stage of the product life cycle with which it is most closely associated. 1. 2. Product is most likely a "cash cow" according to the BCG grid. 3. Customers are likely to be laggards 4. Prices are highest. 5. Profits are highest Offer product extensions, service, or warranties 7. Marketing objective is to create product and encourage trial 8. Competitors begin to enter the market 9. Customers who buy are innovators 10. The goal is market share defense and profit maximization 11. Use cost-plus pricing 12. Cut promotions and ride the wave of increasing demand. 13. Product is most likely to be a "star" 14. Consider developing new markets in other countries to sustain growth. 15. Competitors BEGIN to exit the market 16. Advertise to build awareness among early adopters. 17. Consider modifying the product and offering new and improved versions 18. Customers are likely to be early adopters 19. Cut ALL expenditures and milk the brand 20. Product most likely available in deep discount stores. 21. Increase promotions to encourage brand switching. 22. Cost per customer is highest 23. Use intensive distribution 24. Customers are most likely in the Middle (early and late) Majority 25. Offer trade-in incentives to encourage brand switching 26. Phase out all unprofitable distributors

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