When Developing a Marketing Plan for a New Product That

question 186

Multiple Choice

When developing a marketing plan for a new product that is about to enter the market introduction stage of its product life cycle, a marketing manager should:

• A) plan to change the marketing strategy every six months.
• B) choose the best possible marketing strategy and stay with it throughout its product life cycle.
• C) plan to sell the product until its whole life cycle is over.
• D) plan to change the marketing strategy as the product moves through its life cycle.
• E) change the marketing strategy only when the market environment changes.

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Definitions:

Elastic

Describes a situation in economics where the demand or supply of a good is sensitive to changes in price.

Price-elasticity

A measure of the responsiveness of the quantity demanded or supplied of a good to a change in its price.

Sneaker Manufacturers

Companies engaged in the design, production, and marketing of sneakers for various consumer segments.

Price Competitive

A market condition where businesses strive to offer their goods or services at lower prices than their competitors to attract customers.