QUESTION TWO (a) Using examples, explain what the term “product” means in marketing (5 marks ). (b).

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QUESTION TWO (a) Using examples, explain what the term “product” means in marketing (5 marks ). (b).

QUESTION TWO

(a) Using examples, explain what the term “product” means in marketing (5 marks ).

(b) What do you understand by the term “new product”, and why are new products essential to marketers?

(5 marks )

(c) Discuss the concept of product life cycle (PLC) and describe the stages of the product life cycle.

(10 marks )

QUESTION THREE

a) Distinguish between the micro and macro environments of a firm explaining why its analysis is of utmost interest to marketing managers. (8 marks )

b) Discuss the following variables of the environment and show how they affect the marketing operations.

(i) Political-legal environment

(ii) Social-cultural environment. (12 marks )