Draft a response to each of the bulleted questions below. Each question must have its own response and have a minimum of 50 words.
1. Explain the significance of “newness” in new products and services as it relates to the degree of consumer learning involved.
2. Explain the purposes of each step of the new-product process.
3. Identify ways that marketing executives manage a product’s life cycle.
4. Describe the role of packaging, labeling, and warranties in the marketing of a product.
5. Select a product with which you are familiar. What stage is your selected product at in the product life cycle? Provide rationale for your answer. Based on your knowledge of the product life cycle, what types of changes will occur to your selected product as it continues through the product life cycle? How will this affect the marketing of your selected product?
6. Some of Nike’s products are in the Introduction stage, some in the Growth stage, and others in the Maturity or Decline stage. Select one of their products and identify which stage it is in, and why.
7. Describe the role of packaging, labeling, and warranties in the marketing of a product.
8. Select a product or service. Then select three different organizations that provide your selected product or service and compare the prices associated with your selected product or service. What is the difference between the prices among the different organizations? What is the rationale for this difference?
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