What are the four stages of the product life cycle?

Introduction, Growth, Maturity, Decline

Fill in the blank: The main focus of the ______ stage is to build product awareness and develop a market.

Introduction

True or False: In the maturity stage of the product life cycle, competition typically decreases.

False. Competition usually increases during the maturity stage.

What is the purpose of branding in product marketing?

To create a unique identity for a product that differentiates it from competitors.

Which type of product typically requires careful comparison before purchase?

Shopping products

Riddle: I am a type of product that people often buy without much thought and is available everywhere. What am I?

Convenience product

What does the concept of 'product mix' refer to?

The assortment of products offered by a firm for sale.

Fill in the blank: The ______ product consists of the core problem-solving benefit.

Core

What is the main drawback of focusing solely on product features according to the product concept?

It can lead to neglecting the overall customer experience, including service and support.

True or False: Unsought products are those that consumers regularly plan to buy.

False. Unsought products are typically not planned for purchase.

How does the concept of product redefinition impact market competition?

It introduces existing products in a new context or form, creating new competition.

What is the main goal during the growth stage of a product's life cycle?

To build brand preference and increase market share.

Riddle: I am a product that is bought infrequently and often requires comparison of quality and price. What am I?

Shopping product

What is the significance of after-sales service in product marketing?

It ensures customer satisfaction and loyalty beyond the initial purchase.

Fill in the blank: ______ products are typically sold at higher prices due to their unique characteristics.

Specialty