Question

How will you plan to monitor your new product throughout its life cycle? Think about how you might add to the product mix, remove from the product mix, improve quality, or decrease cost.

OPTION 1: Conduct regular market surveys and analyze customer feedback.
OPTION 2: Implement quality control measures and cost-benefit analyses.
OPTION 3: Modify the product mix based on evolving consumer demands.
OPTION 4: Establish key performance indicators and track them periodically.

Answer 1

To monitor a new product throughout its life cycle, a company can conduct market surveys, implement quality control measures, modify the product mix based on consumer demands, and establish key performance indicators.

Step-by-step explanation:

To monitor a new product throughout its life cycle, there are several strategies the company can implement.

1. Conduct regular market surveys and analyze customer feedback: This will help the company gather information about customer preferences, needs, and expectations. It can also indicate any necessary improvements or changes to the product.
2. Implement quality control measures and cost-benefit analyses: By continuously monitoring product quality and conducting cost-benefit analyses, the company can identify areas for improvement and cost-saving opportunities.
3. Modify the product mix based on evolving consumer demands: Keep track of changing consumer demands and modify the product mix accordingly to ensure that the company stays relevant in the market.
4. Establish key performance indicators and track them periodically: Set specific goals and metrics to track the product's performance over time. This will help identify any areas of concern and allow the company to make necessary adjustments.