Question

RESPONSE BOARD

From the perspective of a marketer, think of one type of information you would collect
for a product in the introduction stage of the life cycle and why. Then, think of a
different type of information you would need for a product in the maturity stage and
why.

Answer 1

Marketers collect market research data for products in the introduction stage and competitive analysis for products in the maturity stage.

Step-by-step explanation:

Product Introduction Stage

One type of information a marketer would collect for a product in the introduction stage of the life cycle is market research data. This includes information about target customers, their needs, preferences, and buying habits. By collecting this data, marketers can gain insights to develop effective marketing strategies and tailor the product to meet customer demands.

Product Maturity Stage

On the other hand, for a product in the maturity stage, a different type of information a marketer would need is competitive analysis. This involves examining the offerings of competitors, their pricing, promotions, distribution channels, and customer satisfaction. By analyzing the competition, marketers can identify areas of improvement, differentiate their product, and stay competitive in the market.

Learn more about Collecting information for different stages of product life cycle

Answer 2

Marketers should collect consumer response data in the introduction stage of a product's life cycle and market saturation and competitor analysis during the maturity stage to make strategic decisions for the product's success.

Step-by-step explanation:

From the perspective of a marketer, at the introduction stage of a product's life cycle, one crucial type of information to collect is consumer response to the product. This can include data on how the product is perceived, its ease of use, and satisfaction levels. Collecting this information through surveys, focus groups, and product testing allows for timely adjustments to marketing strategies, product features, or positioning before a full-scale launch. In the maturity stage, different information is needed, such as market saturation levels and competitor analysis. At this stage, the product is well established, and the marketer's focus is on defending market share against competitors, optimizing pricing strategies, and potentially updating the product to maintain relevance in the market. Understanding the current market landscape and customer loyalty is essential for making strategic decisions aimed at prolonging the product's profitability.