Promotion and the Product Life Cycle

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Business Finance

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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 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 three 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.

Click the Assignment Files tab to submit your assignment.

Unformatted Attachment Preview

1 Business Growth Overview (Part 2) Name MKT/571 5/4/2017 Professor 2 Part 2: Facebook A Global Company The global limited liability company that I have selected is Facebook. Facebook was originally established in 2004 by Mark Zuckerberg along with four other colleagues of his. It is headquartered in California. Facebook is in the social networking industry and has been for many years one of the fastest growing companies found within its industry. Facebook is a networking company; whose main product and services include targeted social advertising and in-game social assets. Facebooks have key services which facilitate it social and online communication to its customer base. It offered these services at no cost to it users provided they have devices such as smartphones, tablets, and laptops with internet ability. Facebook's global market competitors have been Google and Myspace. These competitors of Facebook have long been surpassed by Facebook as it has drastically changed the social networking industry. Facebook uses its acquisitions as a strategy to counteract competition and increase its market presence. For example, over the years Facebook has either purchased or merged with the following social networking companies: Instagram, WhatApp Inc., and PrivateCore. During 2007, Facebook had a total of 450 full-time employees but has since grown to an industry of 12,691 employees as of December 31, 2015. 3 References SEC. (2016). SEC.GOV. Retrieved from https://www.sec.gov/Archives/edgar/data/1326801/000132680116000043/fb12312015x10k.htm 4 References Hague, P. N., Harrison, M., Cupman, J., & Truman, O. (2016). Market research in practice: An introduction to gaining greater market insight. Kotler, P. (2013). Marketing insights from a to z: 80 concepts every manager needs to know. Hoboken, N.J: Wiley. Smith, B. D., & Raspin, P. G. (2008). Creating market insight: How firms create value from market understanding. Chichester, England: John Wiley & Sons. 1 Understanding Target Markets Name MKT/571 05/11/2017 Professor 2 Understanding Facebooks Target Market Facebook was started by Mark Zuckerberg, and it has changed the communication industry. Facebook is an online platform that has millions of followers. The users only need to have a Smartphone or devices such as tablets and laptops that access the internet to fully access Facebook. It is also a viable option for the companies as they can develop a company page in which they can post new product reviews and news about the company (Hoffman, and Gold, 2016). A market plan research is therefore very crucial for the success of the Facebook Corporation. A market plan will help Facebook to identify the market it serves and how best it can offer services that satisfy the customers’ needs. The company can conduct its primary and secondary research to understand the sector. The company can use primary research tool such as interviews and questionnaires in the Facebook application (Jones, and Gratton, 2016). The clients can answer the questions when the company is evaluating some features and the overall performance of the platform. The company can organize virtual interviews through Skype and video conferencing. That way the company can understand the consumers’ needs and preferences and how the company can improve its services to satisfy them. Secondary research involves the review of the information that is available on social media platforms. The company can appoint a team to go through other research for example from Twitter. The company will have an overview of how to penetrate the market. The customer analysis involves the company identifying the characteristics of the target market. Facebook is gaining wide usage by people who are around 40 years. Only a small percentage of Facebook users are young. Therefore, Facebook should try to balance between entertainment and serious business. The platform is used in different countries so it can be 3 differentiated to cater for the social and cultural diversity. The platform is also used by businesses and companies to advertise their products (Brettel, Reich, Gavilanes, and Flatten, 2015). The corporation can use its database to identify these characteristics and classify them. A consumer profile is easy to create when a company has customer analysis. The customer profile includes the findings of customers that are likely to use the product. A customer analysis and profile enable a company to increase its customer base and identify market segments. In Facebook Corporation, the environment scan will show how it is influenced and how it influences the external environment. Facebook has been used by the political elites as a campaign strategy. The platform is also used to criticize the governments (Wells, and Thorson, 2015). Additionally, Facebook influences the economy globally as it provides an advertising avenue for companies and it creates employment. Globalization of the world economy will create opportunities for Facebook as the world progresses to a global market. What people post on Facebook is regulated by laws in different countries, and people can be prosecuted for posting defamatory statements (Gilmore, 2015). The technology advancements in portable devices will increase Facebook usage. A SWOT analysis is important in a market plan as it helps the company evaluate its strengthen, weaknesses, opportunities, and threats. Facebook’s strengthen is that it enjoys a growing following because of the innovations in the technology sector. Additionally, the platform is very efficient for companies advertising their products. Facebook weaknesses are affected by factors that disadvantage its growth. First, it relies wholly on advertisements to make profits and many companies aren't paying much. The company is also unable to effectively plan on its revenue, and the company relies on a few employees. 4 Facebook opportunities include the acquisition platforms such as Instagram and WhatsApp. It also seeks to provide a credible platform for companies to post their information. Besides, it seeks to venture into e-commerce and to expand its services to China. The company’s threats include its systems being breached, along with the possibility of losing clients after the probe into user privacy by the European Union. The development of ad-blocking software can also affect Facebook's revenues negatively. Target market demographics Facebook has been widely used by adults and appeals to much of the younger generation meaning those below the age of 25. It’s been found that women contribute to more users than the men. Income doesn’t vary access of Facebook. Most of the users are educated and therefore can use the platform. Facebook is widely used by families to keep in touch when in different geographical locations. Often Facebook is used for birthdays and other family related events as reminders are set to help remind individuals or companies who their friends or family members are. Target market psychographic Facebook is a platform that allows people undertaking various activities to participate, from students to professionals, to business individuals. Because of the different sections of information available, people with different interests use the platform. Therefore, people interested in science, sports, fashion, business and education use the platform. I have learned that Facebook is widely used by adults contrary to the notion that youths are the most users. Facebook is gaining wide usage by people who are around 40 years, this is because adults in the business world are seeking to use it to help establish and promote their business in the social world of advertising. Also, I have gained insight and understanding about 5 how Facebook was and is developed for advertising. I have never really pictured the platform of Facebook as an advertising platform, but as I have paid more attention lately to when I've logged into Facebook, I've learned that Facebook has catered the advertisement I see according to my likes and preference on my Facebook profile. 6 References Brettel, M., Reich, J. C., Gavilanes, J. M., & Flatten, T. C. (2015). What Drives Advertising Success on Facebook? An Advertising-Effectiveness Model. Journal of Advertising Research, 55(2), 162-175. Gilmore, G. (2015). Social media law for business: A practical guide for using Facebook, Twitter, Google+, and blogs without stepping on legal landmines. Hoffman, A., & Gold, N. (2016). Facebook Inc.: Is its 100% Advertising Revenue Model Sustainable given the Rise of Mobile Ad-Blockers?. Jones, I., & Gratton, C. (2016). Research methods for sports studies. Wells, C., & Thorson, K. (2015). Combining big data and survey techniques to model effects of political content flow in Facebook. Social Science Computer Review, 0894439315609528. Promotion and the Product Life Cycle Grading Guide MKT/571 Version 9 Individual Assignment: Promotion and 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 promotion 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. Grading Guide Content Student’s product strategy addresses at least three areas of the product life cycle (NPI-new product introduction, growth, maturity and decline). Student’s product strategy addresses how he/she will measure (what metrics will be used to determine success or failure) the marketing activities. Student’s product strategy includes the creation of 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 his/her product. Student has 2-3 sentences about each media method (i.e. one paragraph of what he/she would do, not how to do it). Student does not use the Facebook example provided here:  Product and Promotion: o Integrated Marketing Communication o Advertising Strategy/Objectives o Push and Pull o Media Strategy o Advertising Execution o Direct Marketing o Public Relations/Strategies o Positioning Student’s product strategy addresses three elements of the Product and Promotion List provided in the assignment. The product strategy is a minimum of 700 words in length. Note: Charts/graphs/tables Met Partially Met Not Met Comments: 3 Promotion and the Product Life Cycle Grading Guide MKT/571 Version 9 Content Met Partially Met Not Met Total Available Total Earned 3.5 #/3.5 Partially Met Not Met Total Available Total Earned 1.5 #/1.5 5 #/5 Comments: do not count toward the word count. Writing Guidelines Met The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. Assignment Total Additional comments: # Comments: 4
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Explanation & Answer

Hi,Find attached the completed work.Feel free to ask for any clarification or editing if need be.Looking forward to working with you in the future.Thank you.

Running head: PROMOTION AND PRODUCT LIFE CYCLE

Promotion and Product Life Cycle
Student’s Name
Professor’s Name
Course Title
Date

PROMOTION AND PRODUCT LIFE CYCLE

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Facebook Product Strategy
The marketing strategy of any company has to go hand in hand with the position of the
company’s products and services on the product life cycle (Stark, 2015). Facebook is no
exception. As earlier outlined, the major products offered by Facebook are targeted social
advertising and in-game social assets. A successful product strategy has to be market and
customer driven. A strategy ensures that the right information is communicated to the members
of the organization as well as the customers (Restuccia et al., 2016). A product strategy plays the
role of giving direction to the product manager so as to give appropriate guidance to the product
team and result to the business being managed effectively over a longer planning period. The
product strategy, in this case,...


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