Product’s classification and life cycle

Subject: Marketing Law

Paper Model: APA

Paper Type: Article Review

Total Words: 468

Document Outline

D S 1 Consumer Products CH 11 R1
Question 1
C E 1 The Product Life Cycle CH 11 R1¬
Question 2, 
C E 1 The Product Life Cycle CH 11 R1¬
Question 3, 
Question 4, 
Reference


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D S 1 Consumer Products CH 11 R1

Question 1, Look at the following examples of products. Identify whether the product is a convenience, shopping, specialty, or unsought product for the average person in the market

  1. Wedding dress                        __specialty ­­­­_______________________
  2. Coffins                        __ unsought______________________
  3. Toothpaste                  ___convenience_______________________
  4. BMW                          ___specialty___ ____________________
  5. Bananas                       ___Convenience _______________________
  6. Microwave                  ___shopping ________________________
  7. Pets                             ___specialty__ ______________________

 

Question 2, Why do marketers classify products as convenience, shopping, specialty and unsought?

There are different types of products. These are classified as per buying behavior of consumers for those products. This classification is made to analyze marketing strategies of each product. This classification helps in selecting price of that product. Consumer products are those that are bought by consumers for their daily use. These products have easy substitutes. Prices of these products are lower as compared to others. Specialty products are those that have unquiet brand identity and consumers spend more time and research in buying. These products are expensive. Shopping products also requires more time. Consumers refer to different brands before buying. Products are classified to attract consumers. Marketers add features to products by comparing buying behavior and demand of product in different categories. Unsought products are those that are disliked by consumers but they purchase as per their need and fear. Classification is necessary for building product’s marketing strategy. (marketing-insider.eu, 2015)

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C E 1 The Product Life Cycle CH 11 R1­

Question 3, Look at the following examples of products. Identify whether the product is in the introduction, growth, maturity, or decline stage of the product life cycle.

  1. Amazon Drone Delivery                     __introduction stage _______________
  2. Quaker Oats                                        __ maturity stage___________________
  3. 3D Television                                      __introduction stage__ ______________
  4. Coca-Cola Classic                               __maturity stage__________ __________
  5. CD Players                                          __maturity stage__________ _________
  6. Tablet Computers                                __growth stage__________ _________

 

Question 4; How does using the product life cycle help a marketer? 

It is important for a marketer to analyze that products falls in which stage of its life cycle. Marketing strategies differ at every stage. At introduction stage, marketer uses strategies to make customers aware of unique features of product. He uses advertisements and marketing strategies for introducing this product in market. Growth stage refers to increased demand from customers. At this stage, marketer has to focus to beating competition at this stage. At this stage, gaining market share is preference of marketer. A maturity stage, it has to protect market share and it has to increase its profit. At decline stage, marketing strategies differ because at this stage product become obsolete. (productlifecyclestages.com, 2015)

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