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.
Chapters 13 (Product Life Cycle) and 19 (Marketing Communications Channels) Kotler & Keller. 2016)
Generate a minimum 700-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.
- Define at least two different types of promotional communications channels or media methods for the products (8 marketing communications channels: see Chapter 19) that will encourage sales growth in the target market. In your assignment, you should have 2-3 sentences about each media method and how they would be integrated to move the customer toward a value-generating activity (such as clicking on a button to take them to a sign-up page, or going to a store or website to purchase a product.)
- Address at least 6 of the product differentiation factors defined in chapter 13, pg 371 (Kotler & Keller. 2016)
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 plus your textbook as your primary resource for marketing principles.
Format your assignment consistent with APA guidelines.
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