EXAM PRACTICE. WORD FORMATION. USE THE WORD IN BRACKETS IN THE CORRECT FORM.

1. The term product life cycle refers to the  (long) of time from when a product is introduced to (consume) into the market until it's removed from the shelves. This concept is used by management and by marketing (profession) as a factor in deciding when it is appropriate to increase advertising, reduce prices, expand to new markets, or redesign packaging.

2. The Third C within the marketing mix is (convenient). It is similar to "place" in the 4P's marketing strategy. However, these two are very different. Place simply refers to where the product will be sold. (convenient) is a much more customer-oriented approach to this (market) strategy.

3. It's important for companies to consistently monitor current market trends and product success to remain relevant and (profit). When companies identify the opportunity to shift their product lines for increased marketability, they often commit to a process called product (diversify). It can help expand the current market of a product and help companies grow the presence of their brands.

4. Even though Poundland is very much a discount store, it has managed to (broad) its market appeal to the extent of 22% of UK customers now coming from the richest AB demographic. Retail (consult), Neil Saunders, has suggested that the location of big brands at the front of Poundland stores leads consumers to believe it’s like a normal supermarket, just much cheaper. Seeing these familiar brands instils trust amongst passers-by that it’s okay to shop in Poundland, encouraging them to come inside. In reality however, once inside, a larger proportion of products on sale constitute “phantom brands” – essentially own-brand products that do not feature Poundland’s name, such as Sweet Heaven Brazil Nuts or a Kitchen Corner Knife. Through phantom brands, the (retail) avoids potential negative (assume) about the quality of a ‘Poundland’ knife and further adds to the impression of a wide (vary) of brands on offer – in line with customers’ bargain hunt (mental).

5. With limited exceptions, workers who choose not to  with these new requirements are unlikely to keep their jobs—let alone get a raise. (compliance)