Questions

Question 1: (The video for this question is attached as well.)

· Watch the video “Are You Sitting on a Million Dollar Idea?” from the LEARN section this week. Instead of creating a new or revamped product for this discussion (after all, you have already created your own hypothetical business), you will analyze the lifecycle of an existing product. The chart on page 155 of the ebook will be helpful.

· Choose a product that has been on the market for a few years and describe how the product has evolved throughout its lifecycle.  Describe the basic product in the introductory stage of the lifecycle.  How did that product evolve in its growth phase – were new features added, for example?  When the product reached the maturity phase of the lifecycle, how did the product continue to evolve – were additional brand extensions created, for example? Finally, if the product has reached the decline stage, how would you now describe the product?

Question 2:

· Imagine that you are a manager at a brick-and-mortar store that also has an ecommerce site. The company has tasked you with creating ideas to improve profitability and encourage shoppers to return to the store as the coronavirus restrictions are beginning to be lifted. Discuss at least two ideas using PRICING and PLACEMENT (distribution) to help build your business. 

· Provide a rationale for your response.

· Search the Internet for an article that supports your discussion on pricing and placement and post the link in your discussion, using APA or SWS formatting, for everyone to read.