Answer to Question 1
False
Answer to Question 2
During market introduction, a new product (good or service) is brought into the marketplace with heavy marketing spending (e.g., communications to spark awareness). In addition to advertising to provide information and attempts at persuasion, promotion can include samples and coupons to spur trial.
The second phase is one of market growth. Sales are accelerating and profits rise at first. Customer awareness is stronger, and there may be some buzz in the marketplace. Distribution channel coverage is greater, so greater access also contributes to stronger sales. The firm might be able to begin increasing prices (resulting in higher margins and greater profits). At the same time, competitors observe the pioneering company's successes and start sniffing profit potential, so they enter the game.
Some point later brings a product to market maturity. Advertising continues to try to persuade customers about a brand's relative advantages and serves as a reminder to buy in the product category. Products may proliferate to a fuller product line to satisfy more segments of customers. Industry sales have leveled off, so competition is intensifyingthere is more competition than in any other stage in the life cycle.
The final phase in the product life cycle is that of market decline. Sales and profits are both dropping, and new products are replacing older generations. The firm needs to decide what to do with the old product.
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