Unit 3 Assignment_ Product Strategy by Dominique Bacon (1)

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1 Unit 3 Assignment: Product Strategy Dominique Bacon Broward College MAR 1011: Principles of Marketing Professor Steven Gross September 10th, 2023
2 Unit 3 Assignment: Product Strategy In terms of the assigned reading, Juicy Fruit Gum appears to be in the "Maturity" stage of the product life cycle. Chapter 10 Stages of the Product Life Cycle states that the Maturity stage of the cycle consist of: “Costs are lowered as a result of increasing production volumes and experience curve effects, sales volume peaks and market saturation is reached, new competitors enter the market, prices tend to drop due to the proliferation of competing products, and brand differentiation and feature diversification is emphasized to maintain or increase market share” This is shown when the case study begins by saying that the company found itself under pressure by its competitors and that there was a decline in sales and market share, coupled with the need to capture the teenage market. This suggests that Juicy Fruit Gum is in the maturity stage due to increased competition, and the need to focus on maintaining market share and profitability. Using the four consumer product categories I would classify Juicy Fruit Gum as a "Convenience Product." Convenience products are typically items with low cost that consumers purchase frequently with little effort and decision making. Juicy Fruit Gum embodies what it means to be a convenience product: It's a low cost, everyday item often bought on impulse that consumers buy for immediate use. It's readily available in plenty or almost every retail store, making it super easy for consumers to access. In addition the case study also mentions that teens crave something sweet and that Juicy Fruit is their top choice, indicating that it's a product consumers buy for convenience without extensive evaluation. I identify the attributes of Juicy Fruit Gum as energizing, refreshing, natural sweetness. Consumers associate Juicy Fruit with natural sweetness, and teens mentioned that chewing Juicy Fruit gum refreshes and energizes them, indicating that it provides a quick pick-me-up. This creates value for customers through taste, satisfaction, quick energy, and convenience. Juicy Fruit Gum's sweetness and natural taste provide a satisfying and
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