Which of these statements about product life cycles is true?
A product will be withdrawn once it enters maturity
The length of every product’s life cycle is the same
The length of each phase in a product’s life cycle can be different
During which phase of the product life cycle are sales expected to be highest?
Maturity
Growth
Decline
In which phase of the product life cycle is a product launched?
Introduction
Giving a product a USP is a good way to differentiate it from its competitors. What does USP stand for?
Unique selling point
Uniquely sold product
Unbelievable selling price
What is the purpose of a product extension strategy?
To prevent a product being successful
To lengthen the life cycle of a product
To lengthen the introduction phase of a product’s life cycle
Which of these extension strategies would be most likely to succeed in extending the life cycle of a breakfast cereal?
Making the breakfast cereal available in a new flavour
Stopping all advertising of the breakfast cereal
Increasing the price of the breakfast cereal
Which of the following is an example of a product with a unique selling point?
A smartphone that can send and receive emails
A digital watch that has a stopwatch feature
A pair of trainers that tie their laces automatically
What is a product portfolio?
The range of different products a business sells
Where a business sells the same product in multiple different colours
Having something that makes your products stand out from the competition
When is an extension strategy usually introduced?
Between growth and maturity
Between maturity and saturation
At the decline phase
How might a mobile phone company extend the life cycle of their product?
Release a new products
Increase the selling price
Software update