Product Life Cycle (PLC)
What are the four stages of the Product Life Cycle? (in order)
What is: Introduction, Growth, Maturity, and Decline
What are the 4 P's of the Marketing Mix?
What is: Product, Price, Place, and Promotion
Name 3 types of advertising methods we see every day
What is: Billboards, social media posts, websites, store, sales promotions, loyalty programs
Which form of business ownership is most common in the U.S.?
What is: What is Sole Proprietorship? (72.4% of all businesses)
Draw an example of a company logo
(can't be McDonalds, Nike or Apple)
What is Adidas logo example etc..
At which stage do sales level off because most customers already own the product?
What: is Maturity
Define penetration pricing
What is: Setting a low price to attract customers and gain market share quickly, then eventually raising prices.
What is native advertising?
What is: Paid media where the ad matches the look and feel of the platform so it blends in with regular content.
Name the 4 types of business ownership types
What is: sole proprietorships, partnerships, Limited Liability Companies (LLCs), and corporations.
What is:
Loyalty Programs-Rewards programs that encourage customers to keep coming back.
Example: Sephora giving customer's points for every $1 they purchase. Eventually you can rack up your points and get free items.
Name a product example in the Introduction stage.
What is: iPhone 17, Bink water bottles, or 2026 Cybertruck ETC
Give an example of competitive pricing
What is: Coca-Cola and Pepsi matching prices, OR Samsung and Apple watches priced similarly
What is an example of unethical marketing? Give an example of how companies could use this.
What is: False advertising, hidden fees, greenwashing, exploiting children, or bait-and-switch
What is a sole proprietorship?
What is: A business owned by one person who usually actively manages the company.
PLC: 1. Describe what happens to sales during the Decline stage 2. Give an example of a specific product in the decline stage.
What is:
1. Sales and profits decrease, Product may be discontinued or replaced, Companies may rebrand or update product to extend life
2. Sears, iPhone 6, 2007 Toyota Mr2
When companies reach the maturity stage, what do they do to keep customers interested? How does this work? (VOCAB term)
What is: Product Extension-
Keep products relevant
Attract new customers
Prevent sales decline
Keep customers buying
1. What is Premium Pricing?
2. Give me an example of a brand that uses premium pricing
What is: Charging more to suggest high quality or luxury
- Examples: Apple, Rolex, YSL, or Starbucks
Explain the difference between humour appeal and emotional appeal in advertising.
What is:
- Humour appeal uses comedy to grab attention and make ads memorable
- Emotional appeal uses feelings like happiness, fear, or love to connect with customers emotionally
What is the difference between limited liability and unlimited liability
What is:
- Limited Liability: Owners are legally responsible only up to the amount they invested in the business.
- Unlimited Liability: Owners are personally responsible for all business debts and legal claims.
Name 2 pros and 2 cons for owning your own business.
What is:
Pros: Independence & Control, Potential for High Rewards, Flexibility, Personal Satisfaction & Pride
Cons: Heavy Responsibility, Financial Risk & Uncertainty, Long hours & Stress, Risk of legal issues
Name 2 product extensions from any existing product or brand.
What is:
Coca cola- vanilla coke, coke 0
Name 1 specific product you know a lot about and list examples of the 4 P's.
What is:
Product: Kitchen aid stand mixer
Price: $499.99
Place: Target/ Target.com
Promotion: Black Friday: 20% off sales promotion posted on Instagram
1. Explain WHY celebrity endorsements are used
2. Give one example of a celebrity that endorses a specific brand (real example)
What is:
When a famous person promotes a product; reasons include increasing brand recognition & attracting customers
- Leo Messi & Lays
What is the difference between profit and debt?
What is..
- Profits: The net income a business retains AFTER paying all expenses (taxes, business expenses, costs etc).
- Debts: An amount of money borrowed by one party from another, creating an obligation to repay the borrowed money
What's the difference between penetration pricing & price skimming (definition or examples are fine)
What is:
1. Penetration pricing: Setting a low price to attract customers and gain market share quickly, then eventually rising prices.
Example: Disney+ offering a low subscription price at launch ($6.99 ⟶ $18.99)
2. Price Skimming: Setting a high initial price, then lowering it over time.
Example: New iPhones start expensive, then drop in price after new models release.