Marketing - Product Life Cycle

The video tutorial explains the importance of promotion in marketing and introduces the concept of the product life cycle, which models the sales of a product over time. It describes the stages of the product life cycle: introduction, growth, maturity, and decline, and discusses how promotion strategies should be adapted to each stage to effectively target the audience and maximize sales.

What is the primary purpose of the product life cycle model?

• To predict future sales accurately

• To track the sales of a product over time

• To determine the best pricing strategy

• To identify the target market for a product

Which stage of the product life cycle is characterized by the fastest increase in sales?

• Introduction

• Maturity

• Decline

• Growth

During which stage of the product life cycle do companies focus on differentiating their brand from competitors?

• Introduction

• Growth

• Maturity

• Decline

What is the main promotional goal during the introduction stage of the product life cycle?

• To maximize profit

• To create primary demand

• To reduce production costs

• To eliminate competition

In the decline stage, what is the primary focus of promotional efforts?

• To increase market share

• To remind customers about the product

• To launch new features

• To expand into new markets