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Question 1.

Characterize an organization's strategies with respect to product, price, distribution, and advertising for a product in its maturity stage of the product life cycle. Use information found in the summary table on the product life cycle to construct your answer. Be sure to characterize each of the four strategic areas mentioned.

Question 2.

Like products, markets evolve through four stages. What are those four stages? Characterize each stage of a market's evolution.
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Marketing Management
Edition: 13th
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Answer 1

Strategies include: (1) product—diversify brands and items models; (2) price—price to match or best competitors' prices; (3) distribution—build more intensive distribution; and (4) advertising—stress brand differences and benefits. For additional information, see text section and Table 10.5.

Answer 2

The four stages are: (1) emergence—before a market materializes, it exists as a latent market (when a product is launched that addresses the latent needs, the emergence stage begins); (2) growth—if the new product sells well, new firms will enter the market, ushering in a market-growth stage; (3) maturity—eventually, the competitors cover and serve all the major market segments and the market enters the maturity stage; and (4) decline—eventually, demand for the present products will begin to decrease, and the market will enter the decline stage. For additional details, see the chapter section.
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