Description
Purpose of Assignment
Understanding the various phases of a product or service lifecycle is critical when addressing a market. If your product is in decline and the competitor's product is in growth, your strategy for the product or service will be different. This exercise will enable students to demonstrate an understanding of both their product/service life cycle stage and a competitor's product. It is designed to help students explore product mix strategies in the various phases of a product or service life cycle. This tool is critical when addressing a market penetration, market saturation or product/service decline.
Assignment Steps
Resource: Plunkett Research Online located in the University Library.
Design a minimum 1,050-word New or Product Refresh Product Launch Plan in Microsoft®Word. The product launch plan will be for two markets: U.S. and one international market. Domestic market generally means the market where the company headquarters are located. If you choose a domestic market that is not the U.S. than your other market is required to be the U.S. Compare your product/service to at least one other competitor. This can be a product/service that is used by a team member in their individual assignment. The competitor does not need to be in both markets, you can have two different competitors, one for each market.
Include the following:
- Brief SWOT (emphasizes internal market--Strengths, Weakness, Opportunities, Threats) and/or TOWS (emphasizes the external market--Threats, Opportunities, Weakness, Strength).
- A graph or chart if the team deems it necessary.
Include two of the following:
- Definition of product or service.
- Description of product or service--marketing message.
- Why the product or service needs to be introduced or refreshed (target audience).
- Address competition in each region and how the new product or refresh provides a competitive advantage.
- Evaluate the potential growth rate. Look for information on similar products/services to determine a 3 year growth rate (Compound Annual Growth Rate-CAGR). Information may be located in the University Library.
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.
Okay, I have been tasked with Nike's International Market. I do not care which competitor the tutor chooses to compare it with. The word count should be approximately 5 to six hundred words and the SWOT does not count as a part of the word count.
Explanation & Answer
Attached.
New Product Launch
Thesis Statement: it is imperative for an organization to enhance the launching of a new product
to ensure more consumers are aware of the products as well as the features, which heighten the
success of the new product in a competitive business environment.
I.
II.
Nike Corporation Product description
New Sports Shoe Product Launch Strategy
III.
Nike Inc. S.W.O.T Analysis
IV.
Product Mix Strategies and Product Lifecycle
V.
Comparison of Nike New Sports Shoe with Adidas Sport Product
VI.
Comparison of Nike New Sports Shoe with Reebok Sport Product
VII.
Target Audience
Running head: NEW PRODUCT LAUNCH
1
New Product Launch
Student’s Name
Institutional Affiliation
NEW PRODUCT LAUNCH
2
New Product Launch
Worth a note, product refers to an item or service developed as a result of a process so as
to satisfy consumer needs. Notably, a product undergoes a life cycle which involves introduction,
growth, maturity and finally declines (Hanks, 2015). In brief, the product life cycle concerns the
evolution of the product through the introduction, growth, maturity and decline phases.
Similarly, the length of the life cycle is influenced by marketing mix as well as other market
activities. In this regard, a company such as Nike Inc. allocates significant resources in a bid to
understand market activities and develop effective plans for the introduction of new products.
New product launch entails the decision made by an organization to introduce a completely new
innovative product or a regenerated existing product in the desire of meeting the primary
objective. Therefore, it is imperative for an organization to enhance the launching of a new
product to ensure more consumers are aware of the products as well as the featu...