Promotion and the Product Life Cycle

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Business Finance

Description

I have attached the grading guide for better understanding of the assignment and the Word document in APA format.

Please have at least two references from the book and please note there are 2 other reference points needed.

Kotler, P.T. & Keller, K.L. (2016). Marketing management (15th ed). Upper Saddle River, NJ: Pearson/Prentice Hall

In-text citation example: (Kotler & Keller, 2016, p. 9)

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 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.
  • 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.

Unformatted Attachment Preview

Promotion and the Product Life Cycle Grading Guide MKT/571 Version 10 Marketing Copyright Copyright © 2017, 2016 by University of Phoenix. All rights reserved. University of Phoenix® is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft®, Windows®, and Windows NT® are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Promotion and the Product Life Cycle Grading Guide MKT/571 Version 10 Edited in accordance with University of Phoenix® editorial standards and practices. 2 Promotion and the Product Life Cycle Grading Guide MKT/571 Version 10 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 10 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 1 Promotion and Product Life Cycle Student Name MKT/571 February, 5, 2018 Professor 2 Promotion and Product Life Cycle Intro Triple click your mouse anywhere in this paragraph to replace this text with your introduction. Often the most important paragraph in the entire essay, the introduction grabs the reader's attention—sometimes a difficult task for academic writing. When writing an introduction, some approaches are best avoided. Avoid starting sentences with “The purpose of this essay is . . .” or “In this essay I will . . .” or any similar flat announcement of your intention or topic. Read more: Center for Writing Excellence>Tutorials and Guides>Essay Development>Guidelines for Writing Academic Essays. 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). 3 Address three elements of the Product and Promotion List (see below). Product and Promotion List: 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 Conclusion 4 References Kotler, P.T. & Keller, K.L. (2016). Marketing Management (15th ed). Upper Saddle River, NJ: Pearson/Prentice Hall 1 Promotion and Product Life Cycle Student Name MKT/571 February, 5, 2018 Professor 2 Promotion and Product Life Cycle Intro Triple click your mouse anywhere in this paragraph to replace this text with your introduction. Often the most important paragraph in the entire essay, the introduction grabs the reader's attention—sometimes a difficult task for academic writing. When writing an introduction, some approaches are best avoided. Avoid starting sentences with “The purpose of this essay is . . .” or “In this essay I will . . .” or any similar flat announcement of your intention or topic. Read more: Center for Writing Excellence>Tutorials and Guides>Essay Development>Guidelines for Writing Academic Essays. 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). 3 Address three elements of the Product and Promotion List (see below). Product and Promotion List: 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 Conclusion 4 References Kotler, P.T. & Keller, K.L. (2016). Marketing Management (15th ed). Upper Saddle River, NJ: Pearson/Prentice Hall
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Running head: PROMOTION AND PRODUCT LIFE CYCLE

Promotion and Product Life Cycle
Student Name
MKT/571
February 5, 2018
Professor

[Type here]

1

PROMOTION ND PRODUCT LIFE CYCLE

2

Promotion and the Product Lifecycle
Consumers buy millions of goods and services every day. Therefore, for every business
to succeed, it must understand the various needs of customers. Surprisingly, the products that
organizations sell also have life cycles. New products require introduction into the market, and
with time, they start to decline. Since companies understand the different lifecycle stages, they
have to keep engaging in the research and development activities so that they continually
introduce new products in the market.
At least three areas of the product lifecycle (NPI-new product introduction, growth,
maturity and decline).
The product life cycle involves four stages that include new product introduction, growth,
maturity and decline of the product.
New product development
Also known as the introduction stage. In this phase, the company launches a new product
in the market. It is probably the most expensive stage of product development because a lot of
resources are put into research and development (Kotler & Keller, 2016). Marketing and product
testing activities also take place at this phase, and they also consume resources. However, the
product market is not significant, and the company has to engage in intense product promotion
especially if the market is highly competitive.
Growth
During this stage, the ...


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