Yesterday, I was tasked with trying to extend the product life cycle of one of our old coin purses. I understand there are a few ways to do that. Could you remind me what those are?

 

a. Sure. There are two main ways: market modification and product modification. Market modification means you increase the product's use within your current market, you find new users in the current market, or you simply find new users. Product modification means you change something about the product to extend its appeal.

 

b. Sure. There are two main ways: market modification and marketing modification. Market modification means you reevaluate where you are promoting the product and change your target audience. Marketing modification means you change the way you position the product in the current market to either revive interest in it or attract new consumers.

 

c. Sure. There are two main ways: product modification and distribution modification. In product modification you redesign the product to fit current market needs. In distribution modification, you change where the product is sold so that you gain notice, and therefore sales, from a new customer base.

 

Question 2

Hey there, I recently came across the terms high-learning products and low-learning products when I was reading about product life cycle curve variations. What do those terms mean?

 

a. High-learning products is a fancy way of saying the products are not intended for children. For safety and proper usage, these products require a certain amount of education before they should be used. Low-learning products are those that are intuitive and designed for any age.

 

b. High-learning products are products designed to help the user learn something or accomplish a task. Low-learning products are those intended purely for entertainment or survival.

 

c. High-learning products require educating the target market about the product and its benefits or teaching them how to change their behavior in order to get the most from the product. Low-learning products are easily explained and can be quickly adopted by the target market.

 

Question 3

Daphne and I have a little wager we need you to settle for us. We're talking about packaging and it's four uses. I know I'm right, but could you list them and settle this once and for all?

 

a. Sure. Packaging holds the product, helps attract attention to the product, details important information about the product, and helps the retailer and manufacturer track sales.

 

b. Sure. Packaging holds the product, communicates the brand and its benefits, protects the product from damage or leakage, and presents any government-required warning or information labels.

 

c. Sure. Packaging holds the product, protects the product from damage or leakage, allows the retailer and manufacturer to track sales, and creates visual space on the display to move competitors farther from it.