The progression of a product through these stages is by no means certain. Some products seem to stay in the mature stage forever (e.g., milk). Marketers have various techniques designed to prevent the process of falling into the decline stage. In most cases however, one can estimate the life expectancy of a product category.
Marketers' marketing mix strategies change as their products goes through their life cycles. Advertising, for example, should be informative in the introduction stage, persuasive in the growth and maturity stages, and be reminder-oriented in the decline stage. Promotional budgets tend to be highest in the early stages, and gradually taper off as the product matures and declines. Pricing, distribution, and product characteristics also tend to change.
Customers respond to new products in different ways. Diffusion of innovations theory, pioneered by Everett Rogers, and other diffusion models posits that people have different levels of readiness for adopting new innovations and that the characteristics of a product affect overall adoption.
Microsoft has released publicly the dates at which its various products will be discontinued or unsupported, even before they are released.
Kavungya answered the question on April 29, 2021 at 18:47
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Identify and explain the characteristics of an effective management information system.
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Identify and explain the characteristics of an effective management information system.
Date posted:
April 29, 2021
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Explain the factors that are considered in the design of an organization structure.
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Explain the factors that are considered in the design of an organization structure.
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April 29, 2021
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“Outsourcing some of an organization’s operations could lead to increased productivity.” Discuss.
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“Outsourcing some of an organization’s operations could lead to increased productivity.” Discuss.
Date posted:
April 29, 2021
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Briefly explain the key requirements for successful project management.
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Briefly explain the key requirements for successful project management.
Date posted:
April 29, 2021
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Benchmarking can provide a company with a continuous and competitive advantage if it is used effectively.
(i) Describe the various types of benchmarking.
(ii) Highlight the advantages...
(Solved)
Benchmarking can provide a company with a continuous and competitive advantage if it is used effectively.
(i) Describe the various types of benchmarking.
(ii) Highlight the advantages of benchmarking.
Date posted:
April 29, 2021
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Answers (1)
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The success of a business plan depends as much on the clarity and realization of the thought behind it as on how it is expressed...
(Solved)
The success of a business plan depends as much on the clarity and realization of the thought behind it as on how it is expressed and put together.
List and explain the sequential framework for compiling a business plan.
Date posted:
April 29, 2021
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Answers (1)
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The training programme for the first year graduate management trainees of PQR Bank Ltd., a major commercial bank with a country wide branch network, consists...
(Solved)
The training programme for the first year graduate management trainees of PQR Bank Ltd., a major commercial bank with a country wide branch network, consists of classroom training and on -the-job training. The objectives of the training are to ensure that new staff members learn fundamental concepts in banking and develop technical, analytical and communication skills that when combined with further experience and training, will help them achieve maximum potential in the organization.
Classroom training is used to introduce concepts and theories applicable to the work environment. Although new management trainees receive this special training, actual work experience is the principal means by which they develop the skills necessary to become good bank managers.
Managers in different departments and branches of the bank are responsible for on-the-job training. They assign duties to the trainees and review their progress. Owing to the fact that managers are on performance contracts, their attention is usually not focused on the work being done by the trainees. The managers therefore, assign routine to the trainees with little or no through to furthering the career development of these employees. This has resulted in minimal preparation of the trainees for the learning the job.
Recently, the bank has lost several capable first year management trainees. The reason most of them gave for leaving was that they were not learning or advancing in their careers.
Required:
(a) Explain the limitations of on-the-job training offered by PQR Bank Ltd.
(b) Describe the measures that PQR Bank Ltd. should put in place in order to reduce the high turnover of the management trainees.
Date posted:
April 29, 2021
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Answers (1)
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Outline the activities that are included in a public relations programme of an organization.
(Solved)
Outline the activities that are included in a public relations programme of an organization.
Date posted:
April 29, 2021
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Explain the importance of public relations to an organization.
(Solved)
Explain the importance of public relations to an organization.
Date posted:
April 29, 2021
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Explain the three levels of strategy and the characteristics of strategic management decisions at each level.
(Solved)
Explain the three levels of strategy and the characteristics of strategic management decisions at each level.
Date posted:
April 29, 2021
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Discuss the barriers to effective decision making in an organization and suggest ways in which management can overcome such barriers.
(Solved)
Discuss the barriers to effective decision making in an organization and suggest ways in which management can overcome such barriers.
Date posted:
April 29, 2021
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Answers (1)
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“Procurement is an important aspect of production management.”
Explain how an efficient procurement policy benefits an organization.
(Solved)
“Procurement is an important aspect of production management.”
Explain how an efficient procurement policy benefits an organization.
Date posted:
April 29, 2021
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Answers (1)
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Distinguish between goals and objectives describing how they can be used in the development of corporate strategic plans.
(Solved)
Distinguish between goals and objectives describing how they can be used in the development of corporate strategic plans.
Date posted:
April 29, 2021
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Answers (1)
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What are the characteristics of a good mission statement?
(Solved)
What are the characteristics of a good mission statement?
Date posted:
April 29, 2021
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Discuss the contributions of scientific school of management to the study of work and its relevance to the management of organizations today.
(Solved)
Discuss the contributions of scientific school of management to the study of work and its relevance to the management of organizations today.
Date posted:
April 29, 2021
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Answers (1)
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Explain the environmental factors that a marketing manager should consider before entering the international market.
(Solved)
Explain the environmental factors that a marketing manager should consider before entering the international market.
Date posted:
April 29, 2021
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Answers (1)
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“When a company introduces a new product, it faces the challenges of setting its price for the first time.”
Discuss this statement using the two pricing...
(Solved)
“When a company introduces a new product, it faces the challenges of setting its price for the first time.”
Discuss this statement using the two pricing strategies.
Date posted:
April 29, 2021
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Answers (1)
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Samson Kimani was recently appointed as the finance manager of Bita Chemicals Ltd. He qualified as an accountant one year ago and this is his...
(Solved)
Samson Kimani was recently appointed as the finance manager of Bita Chemicals Ltd. He qualified as an accountant one year ago and this is his first managerial position. The finance department is made up of ten members of staff who have been working for the company for several years but since they are not qualified accountants, they were not considered when the appointment was being done. Members of the department are not happy with the appointment as they would have liked someone who has been with the organization for a longer duration and therefore with more experience to have been promoted to that position.
Although Samson is a good accountant, he has a problem relating to people. Consequently, there has been little social contact between him and members of his department.
To overcome his communication problems, Samson has been relying on internal memoranda and placing instructions on the department’s notice board as the main methods of conveying information to his staff. These new methods of communication have not been well received by the staff and have resulted in several complaints being made to the chief finance officer regarding Samson’s inability to effectively communicate with his staff. There has also been a lot of confusion within the department and team spirit is at an all time low.
The chief finance officer has talked to Samson and was able to establish the following as the reasons for Samson’s reliance on written communication only:
To avoid confusion since there is a documented record of his instructions.
When chairing departmental meetings he feels intimidated with so many experienced and older employees and as a result the meetings always end in chaos with no decisions being made.
As a manager in a consultancy firm, you have been approached by the chief finance officer to help Samson improve on his communication skills.
Required:
(a) Explain to Samson why he should use different styles of communication to improve the working relations in his department.
(b) Outline to Samson the guidelines of conducting effective meetings with members of his department.
Date posted:
April 29, 2021
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Answers (1)
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Quality management is an important strategic issue in an organization. Discus.
(Solved)
Quality management is an important strategic issue in an organization. Discus.
Date posted:
April 29, 2021
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Answers (1)
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Show how delegation of authority in an organization is influenced by the following factors:
a)Chain of command
b)Unity of command
c)Span of control
d)Line and staff relationship
(Solved)
Show how delegation of authority in an organization is influenced by the following factors:
a)Chain of command
b)Unity of command
c)Span of control
d)Line and staff relationship
Date posted:
April 29, 2021
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Answers (1)