Identify and describe the stages of the generalized product life cycle. For each stage, specify the marketing objective a firm should attempt to achieve.
What will be an ideal response?
The four stages of the generalized product life cycle and their respective marketing objectives are: (1) Introduction stage, which occurs when new products are first commercialized to their intended target markets. The marketing objective at this stage is to create consumer awareness and stimulate trial (primary demand). (2) Growth stage, which is characterized by rapid increases in product sales as both trials and repeat purchases increase. Because the number of competitors increases, the marketing objective is to differentiate the firm's brand from its competitors through the addition of features or improved product quality (selective demand). (3) Maturity stage, which is characterized by the leveling off of product sales within the total industry or product class. The marketing objectives are to maintain brand loyalty, hold market share, provide further product differentiation, and increase promotion and distribution efficiency. (4) Decline stage, which occurs when both sales and profits decline due to environmental changes (new technologies appear, consumer preferences change, etc.). The marketing objective is to reduce product support through either deletion or harvesting. See Figure 10-1.
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Sailor Construction Company has consistently used the percentage-of- completion method. On January 10, 2014, Sailor began work on a $3,000,000 construction contract. At the inception date, the estimated cost of construction was $2,250,000 . The following data relate to the progress of the contract: Gross profit recognized at December 31 . 2014 .......... $ 300,000 Costs incurred Jan. 10, 2011,
through Dec. 31 . 2015 ... 1,800,000 Estimated cost to complete at December 31 . 2015 ....... 600,000 How much gross profit should Sailor recognize for the year ended December 31 . 2015? a. $150,000 b. $262,500 c. $300,000 d. $450,000
The product life-cycle concept from microeconomics and marketing provides useful insights into the relations between cash flows from operating, investing, and financing activities. When a product matures
a. net income usually reaches a peak. b. working capital declines. c. operations generate negative cash flow. d. all of the above. e. none of the above.
A franchisee operating at one retail location can be classified as an independent, as well as a franchise
Indicate whether the statement is true or false
The ________ is an OSHA standard that requires an employer to provide a work environment free from recognized hazards that are causing or are likely to cause death or serious physical harm to employees
A) general duty standard B) specific duty standard C) code of wellness D) provision of nonhazardous work environment