Section B: Short Answer Questions (30 marks) Below are 5 short answer questions. You must choose 3 ONLY to answer. Each one is worth 10 marks. Be sure to read carefully and answer the whole question. Use the lined pages. a. Why is the Product Life Cycle considered to be so important in marketing? (4 marks) Explain how marketers use PLC when deciding on pricing strategy OR the promotional mix. Be specific. (6 marks) b. Explain what is happening in this diagram. (2 marks) What are the advantages and disadvantages of this structure? (4 marks) Provide one example of a company and their product/service that uses this approach and explain why. (4 marks) Producer Consumers c. Choose one marketing mistake or misstep that one specific company has committed in the past 20 years. (2 marks) Identify which aspects of the marketing mix were the problem, and specifically what the result was. (4 marks) How would you have fixed the issue? (4 marks) d. What are the 4 goals of promotion? (4 marks) Choose one product or service and explain how it is being marketed with this goal in mind. Be specific. (6 marks) e. One important reason channel members are included between producers and consumers is to overcome discrepancies. Name and briefly describe two discrepancies channel members overcome. (6 marks) Provide one example of a company that uses channel members to overcome these discrepancies and explain. (4 marks)