Incorporate a product strategy that addresses at least 3 areas of the product life cycle
Purpose of Assignment
All products/services go through a life cycle of NPI (new product introduction), growth, maturity and decline. These various stages affect the marketing strategy and promotional efforts. In Week 3, you will incorporate a product strategy that addresses at least 3 areas of the product life cycle. The primary objective of this assignment is to allow the student to demonstrate an understanding of the factors that can affect the launch of a product or service. A secondary objective is to understand the differences in a product launch in the U.S. (domestic market) and an international market.
Assignment Steps
Generate a minimum 850-word product strategy in Microsoft® Word.
Incorporate a product strategy that addresses the following:
At least three areas of the product life cycle (NPI-new product introduction, growth, maturity and decline).
How you will measure (what metrics will be used to determine success or failure) the marketing activities.
Create at least two different types of media methods for the products. One media method must be a print method and one must be non-print. A media method is a media strategy which highlights your product. For example, (this cannot be used in this assignment), a non-print media method would be a Facebook campaign that provides a user a reward for each review, positive or negative, posted about the use/appearance/price/etc. of the product. In your assignment, you should have 2-3 sentences about each media method (i.e. one paragraph of what you would do, not how to do it).
Address five elements of the Product and Promotion List (see below).
Product and Promotion List:
Integrated Marketing Communication
Advertising Strategy/Objectives
Push and Pull
Media Strategy
Advertising Execution
Direct Marketing
Public Relations/Strategies
Positioning
The plan will be a continuation of your global or multi-regional company you chose in Week 1. This will be incorporated into your overall marketing plan for Week 6.
Note: Charts/graphs/tables do not count toward the word count.
Cite a minimum of three peer-reviewed references.
Format your assignment consistent with APA guidelines.
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