marketing

Question 1

essental features of a life cycle

Answer 1

• when a product launches their is a slow growth in sales
• the company spends a large amount on advertising and promotion
• the growth follows with the impact on the target audience
• talk about the 4 Ps
• maturity where sales are at their maxim level and stay stable
• decline is when sales begin to drop and the company has to decide either to incremental improve it or allow the sales to decline

Question 2

define in detail target audience

Answer 2

• a specific market that a particular product is aimed at
• it can be a restriceed group of people from a number of sub groups who will be the perceived users of that products
• the needs and wants from the target audience must be reflected in the product development

Question 3

why is it important to research a target audience

Answer 3

• provides the designer with up to date information that allows the designer to make the product to meet the needs and wants of the target audience
• it improves sales and determines the success of the product
• also cost implications
• market research on trends such as fashion, styling, economic considerations, technical trends and eco trends, sell to the market

Question 4

what determines the price of a product

Answer 4

• the target market
• rate of growth
• the demand for the product, elescitc demand
• what price will the market bear
• cost of production- labour costs
• profit margins
• mateirals cost
• quality build
• promotion and adverting
• transportation

Question 5

how will the promotion of a product vary depending on its anciplated life cycle

Answer 5

• fad products require intense early promotion to make immediate impact on the market compared a slow rate adaptation will require less intense promotion but the promotion will have to last longer
• Adveristing media, money of strategies as some points of it life cycle
• publciictly , often free and press release, competitions between brands