Marketing - Standalone book
Marketing - Standalone book
13th Edition
ISBN: 9781259573545
Author: Roger A. Kerin, Steven W. Hartley
Publisher: McGraw-Hill Education
Question
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Chapter 11, Problem 1AMK
Summary Introduction

To determine: The marketing strategies for the following companies in each stage of product life cycle.

Introduction:

A product life cycle defines the progress of a new product over a period of time. This concept includes four stages, namely introduction, growth, maturity, and decline.

Expert Solution & Answer
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Explanation of Solution

Company C is in its maturity stage: Company C should create demand to face its competitors at the maturity stage. For this, Company C could add additional features such as increase the level of megapixel, different lens sizes, and so on, to attract customers.

Company HP is in its growth stage: as Company HP is in its initial stage; it should create awareness for its brand by generating advertisements. Company HP should generate primary demand for the product among the customers.

Company HM is in its decline stage: Company HM, at this stage, should find the opportunities to enter new markets where there are not enough resources available.

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I need answer typing clear urjent no chatgpt used pls i will give 5 Upvotes.
In your expert opinion, what do you think is the most effective and efficient way for small business owners to promote and market their products/services? Why? How have you seen the use of referrals and word of mouth advertising work to the benefit of a small business owner?  Please would you kindly provide some examples. How have these methods worked in reverse (to the disadvantage of the owner but possibly benefit the competition)?
In your Expert Opinion, How do the risks differ when you start your business using a purely product development process versus a purely customer development process approach? What are the elements that go into a customer profile and why is each one useful? What are some of the ways that you could use secondary research to better understand the various segments of your market and to develop promotional materials?
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