Purpose of Assignment
All products/services go through a life cycle of NPI (new product introduction), growth, maturity, decline and termination. 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.
COMPLETE A and B sections listed below. Please, title each section of your paper with each main topic the assignments (A and B – copy and paste) and then use section sub-titles for section contents (copy and paste). Make sure all topics are addressed in your paper – please, do not create additional sections or section sub-titles that are not included in the assignment.
Generate a minimum 700-word product strategy in Microsoft® Word.
Part A – Incorporate a product strategy that addresses the following:
1. At least three areas of the five stages of the product life cycle (NPI-new product introduction, growth, maturity, decline and termination).
2. How you will measure (what metrics will be used to determine success or failure) the marketing activities – please provide specific ‘numbers’ and/or specific ‘number’ ranges.
3. 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; for example, provide specifics on the TV station name, the reach and frequency, the name of the program, day and time of commercial, etc.).
Part B – Address Item # 1 and #2 below, and one additional element of the Product and Promotion List (see below).
o Product and Promotion List:
1. Integrated Marketing Communication
2. Advertising Strategy/Objectives
3. Push and Pull
4. Media Strategy
5. Advertising Execution
6. Direct Marketing
7. Public Relations/Strategies
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.