SUBJECT: INTRODUCTION TO MARKETING

Question 1: (8 Marks)

1. Product life-cycle management is the succession of strategies by business management as a product goes through its life-cycle. The conditions in which a product is sold changes over time and must be managed as it moves through its succession of stage. So explain how marketer strategies change during each stage of Product Life-Cycle? (04 marks)

ii. In order to stay successful in the face of maturing products, companies have to obtain new ones by a carefully executed new product development process. But they face a problem: although they must develop new products, the odds weigh heavily against success. Of thousands of products entering the process, only a handful reaches the market. Therefore, it is of crucial importance to understand consumers, markets, and competitors in order to develop products that deliver superior value to customers. Briefly describe new product development process with the help of an example and also Why do new products fail? (04 marks)