Stages of Product Lifecycle Free Sample for Students

Questions: 1.Define Consumer and Industrial Products. Give an Example of each.2.What are the different Phases/Stages of the Product Category Life Cycle?3.What are the Four Characteristics of Services?4.Think of an example of a Discontinuous Innovation. What Probably Encouraged and Enabled it to become widely adopted?5.Do you agree that Marketing Service Products is no different to Marketing Goods- Based Products? Give your reasons. Answers Marketing principles 1.A consumer product is an item that is kept for daily use by the individual or given households for private consumption. The goods are only held for consumption only but not for business purpose. Examples of consumer products will include handbags, clothing, smart phones and radio systems. While on the other hand industrial products refers to the products which are not directly used by the end users or customers in the market but they are first used by industries to manufacture products Lovelock (2001). Examples will include timber and glue 2.Stages of product lifecycle includes introduction where product is launched, growth stage where product is accepted in market, maturity stage in which the sales reach peak and lastly the decline stage in which the sales begin to decline. 3. the characteristics of services includes the following; there is lack of ownership in which you cannot store a service. Products are intangible, inseparable from service providers and lastly they possess heterogeneity in which they vary. 4.Discontinuous innovation refers to a new product that brings a great change in the way we live. Example includes introduction of smart phones which has enhanced communication and changed how we interact. 5.Marketing service products is no different to marketing goods based products because both involves satisfying the needs of the customers in the market. The different marketing tools can be applied to both which includes personal selling, promotion and advertising. In both cases the customers obtain utility or satisfaction from the provision of the services or products. References Cierpicki, S., Wright, M. and Sharp, B., 2000. Managers knowledge of marketing principles:The case of new product development. Journal of Empirical Generalisations in Marketing Science, 5(3). Lovelock, C. and Wright, L., 2001. Principles of service marketing and management. Prentice Sharp B., 2013.Theory Evidence practice 1st Edition ,Oxford University Press, South