Product Life Cycle
How many stages are in the product life cycle?
Four Stages
What are the five key areas of the Promotional Mix?
Advertising, personal selling, direct marketing, and public relations, sales promotion
This form of promotion will give out coupons or buy one get one deals.
Sales promotion
What is the primary purpose of a press release?
A) To generate sales for a company
B) To provide information to the media about a company or its products
C) To recruit new employees for a company
B) To provide information to the media about a company or its products
___________ is one of the key components of the marketing mix and refers to the various methods and techniques that businesses use to communicate with their target audience and create awareness about their products or services.
Promotion
During the ____________ stage of the product life cycle, the product is enjoying success as shown by increasing sales and profits.
Growth
___________requires that a company employ sales representatives who generate and maintain direct contact with prospects and customers.
Personal selling
True or False: Personal selling is a one-way communication tool.
False
True or False: Public relations is only concerned with managing a company's relationships with the media.
False. Public relations involves managing a company's relationships with various stakeholders, including customers, investors, and the media.
The promotional mix consists of a combination of different communication tools or tactics that a business can use to promote its products or services, including ___________, sales promotion, personal selling, advertising, and public relations.
Direct marketing
During this stage, a company spends more of its marketing dollars fighting off the competition.
Maturity
______________is a form of nonpersonal promotion and one-way communication.
Advertising
The goal of institutional advertising is to create a ___________ image of a company in the minds of its target audience, which can help to build trust and loyalty.
Positive
Which of the following is a key element of a successful press release?
A) Including information about your company's financials
B) Focusing on a clear and concise message that will interest the media and target audience
C) Using industry jargon to establish credibility
B) Focusing on a clear and concise message that will interest the media and target audience
______________involves face-to-face communication between a salesperson and a potential customer.
Personal Selling
True or False: The introduction stage of the product life cycle is characterized by high sales growth, low profits, and a limited distribution network.
True. During the introduction stage, a new product is being launched, and sales are typically low but growing quickly.
Often, these professionals run campaigns to try to create a favorable image for a company, its products, or its policies.
Public relations
True or False: Advertising is the most expensive element of the promotional mix.
True
When should a company issue a press release?
A) Whenever there is something newsworthy to share
B) Only when there is negative news to report
C) Only when the company is launching a new product
D) Only when the company is experiencing financial difficulties
A) Whenever there is something newsworthy to share
The main function of_____________is to develop a positive perception or awareness of the organization in the marketplace.
Publicity
True or False: The decline stage of the product life cycle is inevitable for all products.
False: Not all products find themselves in the decline stage.
What are two forms of direct marketing?
Print and electronic marketing
True or False: Direct marketing is a more traditional form of marketing that does involve the use of digital channels and print.
True
The _____________ should be clear and concise, short and to the point, while introducing the topic of the press release.
Headline
_____________involves managing a company's reputation and relationships with various stakeholders, including customers, investors, and the media, through various tactics such as press releases.
Public relations