Get premium membership and access questions with answers, video lessons as well as revision papers.

In order to enhance the chances of a new product succeeding, the company should follow a systematic new product development process. Highlight the major stages in...

      

In order to enhance the chances of a new product succeeding, the company should follow a systematic new product development process.
Highlight the major stages in new product development.

  

Answers


Kavungya
fig1294949.png

New product development stage
*very expensive
*no sales revenue
*losses

Market introduction stage
*cost high
*sales volume low
*losses
*high prices

Growth stage
*costs reduced due to economies of scale
*sales volume increases significantly
*profitability
*prices to maximize market share

Mature stage
*costs are very low
*sales volume peaks
*prices tend to drop due to the proliferation of competing products *very profitable

Decline stage
*sales decline
*prices drop (lower prices may lead to lower value perception)
*profits decline
Kavungya answered the question on April 29, 2021 at 18:51


Next: Describe the marketing strategies a firm should adopt in the different stages of a product’s life cycle.
Previous: “The nature of strategic management differs according to the type of organizations.” Discuss this statement with respect to the following types of organizations: (a) Public sector organizations....

View More CPA Strategy, Governance and Ethics Questions and Answers | Return to Questions Index


Learn High School English on YouTube

Related Questions