The product life cycle

7 important questions on The product life cycle

Name the 8 steps in the product development process

1. idea generation: collecting ideas from everyone
2. idea screening: eliminate inappropriate ideas early.
3.initial concept testing: research customers value and test if target groups like the idea.
4. business analysis: estimate the costs and development
5. prototype design : design a prototype to see pracitcality and costs.
6. Market testing: test customers reaction
7. commercialization: introduce the product to the market
8. monitoring of cutomers reaction

Why would a marketer choose to segment?

Segmentation allows marketers to focus their resources on the most promising opportunities

Explain the concept of line extension:

is the expansion of an existing product line. example a softdrink company might introduce a diet of cherry variety to its cola line. while a toy company may introduce new characters or accessories in its line of action figures. Thus the line extensions adds variety to its existing product for the sake of reaching a more diverse customer base.
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Explain the concept of brand extension

is when a brand expans itself into a new territory or market. Example if a soft drink company would now produce smoothies or juices under the companies name. the brand would expand into different markets.

What three concepts are important when planning branding?

words , designs and symbols. Branding is giving a brand a distinct identity.

How can a company brand a product? name the 4 ways

1. the company name and individual brand
2. individual name
3.private label brand
4 multipal brands co branding ingredient branding

What are the 4 concepts that a brand must carry out?

1. recognizable and memorable
2. meaningful and appealing
capable of being legally protected
suitable for international markets

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