Olivia worked in a shoe store part-time while going to school and studying general business for the past few years. Unfortunately, she was laid off from her job during the pandemic, but she has recently gone back to work and now that she has finished school, she is picking up extra shifts to save money.

While Olivia enjoys working in a clothing store, her real passion is shoes. So, she is planning to open her own shoe store where she lives, in Kitchener, Ontario, about an hour west of Toronto. Olivia's dream is to sell all kinds of shoes, particularly those of high quality and made of natural or recycled materials. While Olivia did learn some general business concepts while at school, she realizes she needs help with the details of her store and what and how she should offer her customers and prospects for her business to be successful.

So, Olivia has just hired you as her marketing consultant and she wants your help in answering the following questions:

New Products and Product Lifecycles

Olivia won't be selling brand new products, but her business is new and she's not sure how the balance the two, so she needs some help understanding how to promote existing products in a new business.

1. As this brand is in the Introduction stage of the product lifecycle, name and explain four marketing strategies she should focus on. Be specific and provide an example of a marketing activity for each one.

2. For any business, what are the two main sources of new ideas? Provide an example from each source which is relevant and realistic to Olivia's business plan.