Explain why the PLC can be applied to more than just brands
What will be an ideal response?
The PLC can be applied to new products and services. It can also be applied to product class, a product form, or a brand. The PLC concept lends itself to styles, fashions, and fads. The concept can be used as a useful framework for describing how products and markets work, as well as developing marketing strategy for each stage of the product life cycle. Managers may have difficulties using the PLC concept to forecast product performance or develop general marketing strategies.
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Liquiction Pool and Patio Inc. is a company known for its quality pool installations, excellent customer service, and reasonable prices
Given the demand, Liquiction could price its products higher, but it prefers to price its products such that it will earn a reasonable level of profits. Liquiction seems to base its pricing policy on: a. profit maximization. b. earning satisfactory profits. c. creating retained earnings. d. maintaining a status quo pricing.
In the business-to-business buying process, the first step is:
A) identification of a need B) establishment of specifications C) identification of alternatives D) appointing a committee