Product Category Life Cycle Free Samples 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 idely adopted?5.Do you agree that Marketing Service Products is no different to Marketing Goods- Based Products? Give your reasons. Answers: 1.Consumer- A consumer is a person who purchases a product or a service in retail for personal consumption(Sharp, 2013, p. 18). For instance, a wholesaler Industrial product- these are plant, property, equipment, and other parts utilized or consumed by other sectors when producing other goods(Stark, 2015, p. 70). Example, Machinery 2.The product category life follows the following phases(Stark, 2015, p. 74): Introduction- The marketing team conduct market research and develop sufficient information of launching the new product. Growth- Under this stage, the market has been convinced of the new product, sales rise. Product improvements are made. Maturity- The level of sales is at optimum. Competition starts increasing Decline The value of sales begin to fall since the product launched has been saturated in the market and competition is extremely high. 3.The four characteristics of services include(Beffelamme Peitz, 2015, p. 44): Intangibility- Services can neither get touched nor hold. Inseparable- A service cannot be separated from the provider. Variability- The level of service from one service provider vary from another. Perishability- Services are exceedingly perishable and thus cannot be saved for future use. 4.An example of discontinuous innovation is mobile phone technology(Beffelamme Peitz, 2015, p. 58). Mobile phone technology was encouraged by the need for communication between businesses and people. The reason behind its wide acceptance is that people saw it as a drastic approach to changing the speed by which people communicated. 5.Yes, marketing service products are no different to marketing goods based products(Sharp, 2013, p. 16). The main reasons are: The marketing of a product or a service is done through the same promotional tools. The companies value provision of goods and services are the primary source of income, and thus the two should be given the same level of attention. The marketing techniques used when marketing a product can be used to sell a service. References Beffelamme, P. Peitz, M., 2015. Industrial Organization: Markets and Strategies. 3 ed. Cambridge: Cambridge University Press. Sharp, B., 2013. Marketing: Theory, Evidence, Practice. 1 ed. South Melbourne: Oxford University Press. Stark, J., 2015. "Product Lifecycle Management, In Product Lifecycle Management." 64-80 ed. Columbia: Springer International Publishing.