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TWO topics are required for Week 5. Choose Topic 1 OR 2. Topic 3 is required for everyone. Include at least two (2) references from learning material or outside sources. Reply to least two (2) classmate posts.TOPIC 1: Product Descriptions – Personal ApplicationAs we have been noting in earlier weeks, “product” is a generic term to mean tangible goods, services, or ideas. Most products are a combination of tangible goods and service and fall somewhere on a continuum like this: Select one of your favorite products and describe it terms of its:features benefits price total cost of ownership Be sure you refer to these concepts in the week’s readings before tackling this description.Then, identify where your product would fall on the product/service continuum and why you chose that location. Use percentages such as 25 percent product and 75 percent service.Lastly, does the product have any product lines? If so, how do they differ from the “core product” in terms of additional benefits or features? TOPIC 2: Types of Consumer Offerings – Personal ApplicationThis week’s readings describes the types of consumer offerings with four categories:Convenience offeringsShopping offeringsSpecialty offerings Unsought offeringsConsider your own purchase behaviors. For each of the four categories, identify a product you purchased. Be sure to explain your choices and share that with y

our professor and classmates. TOPIC 3: Product Life Cycle (required)The value of the product life cycle is that it provides clues as to what marketing mix strategies might need to change as the product moves through the cycle. For example, a high-tech product being launched will have to decide whether to use penetration or skimming pricing strategy. That pricing strategy will then determine how much marketing communications is needed and what distribution strategy is needed. Because high-tech products are particularly susceptible to competition and entry of substitute products, the company needs to stimulate sales early, knowing the product life cycle may be short. Pick one of the following products and identify which stage of the life cycle you believe it is in and why. You don’t need to do research; just use your personal experience and judgment. You may want to check out the product’s website. Then, identify what needs to be done to the marketing mix based on the stage you selected.Apple Watch Kellogg All-Bran cerealCrest Complete toothpasteFord F-SeriesHäagen-Dazs ice creamLibby Sweet Peas canned vegetablesRolling Barn Door Hardware by CSHBeyond Meat Chicken Free StripsInstant PotMartha Stewart Wellness product lineSince each of you are picking different products, scroll through some responses and see if you have a different point of view and post as appropriate.