By having an understanding of the product life cycle, businesspeople can make savvy marketing choices. What is a popular item today that you’ve seen go through the product life cycle? Explain the characteristics for each phase of the product’s life cycle. How can each phase of the life cycle impact the product’s brand?
Visit Minimus.biz (Follow the link located in required resources), a company specializing in individually-sized products. Review the different product categories along the left navigation panel of the home page. How might these items be combined to create a usage group like a “convention survival package” or “campers’ kit”? Explain the reason for your choice.
Which items, if purchased, might create complementary demand for another item in the line? Explain how it might accomplish this?
Which items might substitute for another item? Why did you choose that substitute and how might it affect demand?