Purpose of Assignment
All products/services go through a lifecycle of NPI (new product introduction), growth, maturity, and decline. These various stages affect the marketing strategy and promotional efforts for a particular product or service. In Week 3, you will incorporate a product strategy that addresses at least 3 areas of the product lifecycle. The primary objective of this assignment is to allow you to demonstrate an understanding of the factors that can affect the launch of a product or service.
Create a minimum 700-word product strategy in MicrosoftÂ® Word. Complete the following:
- Select and describe your product strategy for your product or service identified in week 1. Note the product strategy is your product mix of Price, Product, Place, and Promotion for a specific target market or customer group.
- Address how this product strategy will change for at least three stages of the product life cycle (NPI, growth, maturity, and decline).
- Address three elements of the following Product and Promotion List: DO NOT PROVIDE A GENERIC DEFINITION OF TERMS but describe how the concept related to your selected product or service.
- Integrated marketing communication
- Advertising strategy/objectives
- Push and pull
- Media strategy
- Advertising execution
- Direct marketing
- Public relations/strategies
- Describe at least two different types of media methods for the product or service. One method must be print and the other must be non-print, both of which highlight your product or service. In your assignment, include 2-3 sentences about each media method (i.e., one paragraph of what you would do, but not how to do it). For example, (this cannot be used in this assignment), a non-print media method would be a Facebook campaign that provides users with a reward for each review (positive or negative) about the use/appearance/price/etc. of the product or service.
- Determine how you will measure the marketing activities (i.e., what metrics will be used to determine success or failure).
The plan will be a continuation of the 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.
Format your assignment according to APA guidelines.
Submit your assignment.