What could the negative industry growth rate for potato chips mean? Multiple Choice The product may be entering the decline stage of the product life cycle. The product may be entering the maturity stage of the product life cycle. The product may be entering the growth stage of the product life cycle The product may be entering the introductory stage of the product life cyle. O It does not mean anything because year on year sales are higher. Development: The Impact of the PLC on a Product's Marketing Mix and Continued Success Jayne Robinson was recently hired by the marketing department of Convenient Eats, a packaged goods company. The firm is currently beginning its strategic planning process and the CMO has asked each division to report on where in the product life cycle their division's products are. Jayne is tasked with identifying the life cycle phase for the snack products division. She begins by analyzing year-on-year sales as well as time-on-the market data for each product. She also looks at industry growth rates and market penetration rates (which measures what percent of the market is already purchasing and using this product). She then uses this data to determine whether each product is in its introductory, growth, maturity. or decline phase of the product life cyle. The goal of this activity is to understand how different stages of a product's life cycle can impact a product's marketing mix and continued success for a firm. Answer the questions that follow based on the above case and the information provided in the tables below. 1 2 3 4 5 6 7 8 9 10 11 12 B Snack Products: Data Analysis Components Potato Chips 2% 10 years -1% 95% Classification Year on Year Sales Growth Time on Market A Industry Growth Rate Market Pentration Rates Introduction Growth Maturity Stage of Product Life Cycle X Pretzels 5% Snack Products: Product Life Cycle Analysis Potato Chips Pretzels 7 years 3% 80% X D Trail Mix 10% 3 years 18% 50% Trail Mix X What does the market penetration rate reveal to the marketing manager? Multiple Choice O O the percentage of growth already achieved how satisfied consumers are with the product what percentage of the market belongs to the firm what percentage of the market the firm has lost equal percentage of market share Which market has the strongest potential for new customer acquisition? Multiple Choice O Trail mix has the largest potential. Potato chips have the largest potential. Pretzels have the largest potential. Pretzels and potato chips have equal potential. All three products have equal potential. Which product should the firm innovate to carry it through the growth phase? Multiple Choice O pretzels trail mix potato chips Opretzels and trail mix potato chips and pretzels Based on the data provided, which product is lagging the industry? Multiple Choice O O O trail mix pretzels potato Chips pretzels and potato chips trail mix and pretzels