Product Life Cycle

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Description

Please type the paper in 12 font, Times new roman and a minimum of 2 full pages. Please be as detailed as possible. Please include at least 2 creditable references and please list in APA format free of errors and extra word fillers. Please include page numbers at the bottoms of each page ONLY not the top.

Please center headings and for each indent use 6 spaces instead of a tab.

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Please see below for more detailed instructions on requirements etc.

The assessment instructions is a guide for the paper and please answer each bullet in the paper from the assessment portion of the instructions.

Plan the tasks or tactics for a marketing mix in various stages of the product lifecycle, using a provided worksheet.

The task of managing a given product at any stage of that lifecycle is significant and offers multiple opportunities for success or failure.

Competency 4: Apply effective marketing planning and implementation.By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:

    • Identify marketing tactics related to product, at each stage of a product lifecycle.
    • Identify marketing tactics related to price, at each stage of a product lifecycle.
    • Identify marketing tactics related to place, at each stage of a product lifecycle.
    • Identify marketing tactics related to promotion, at each stage of a product lifecycle.

    Context

    Product Lifecycles

    Most of us think of primary marketing efforts as being focused on the introduction of new products. In reality, all products undergo a lifecycle: introduction, growth, maturity, and decline. The task of managing a given product at any stage of that lifecycle is significant and offers multiple opportunities for success or failure. A large number of new products fail at launch (introduction), while many go on to live long market lives.
    The Assessment 4 Context document contains important information related to the following topics:
    • Product Lifecycle.
      • Introduction.
      • Growth.
      • Maturity.
      • Decline.
    • Market Segmentation

    Questions to Consider

    To deepen your understanding, you are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of the business community.

    • Consider your favorite products and what lifecycle stages they are in. How do you think this affects the kind of marketing activities that the companies are using for these products?
    • For the following question, refer to the VALS Survey from the Strategic Business Insights Web site, linked in the Resources. Take the survey. What did you learn about your own preferences from this exercise? Do you think the survey was accurate?

    Required Resources

    The following resources are required to complete the assessment.
    Capella Resources
    Click the links provided to view the following resources:

    Suggested Resources

    The following optional resources are provided to support you in completing the assessment or to provide a helpful context. For additional resources, refer to the Research Resources and Supplemental Resources in the left navigation menu of your courseroom.
    Capella Resources
    Click the links provided to view the following resources:Access the following resources by clicking the links provided. Please note that URLs change frequently. Permissions for the following links have been either granted or deemed appropriate for educational use at the time of course publication.

    Assessment Instructions

    Plan the tasks or tactics for a marketing mix (product, place, price, promotion) in various stages of the product lifecycle (introduction, growth, maturity, and decline).

    Product Lifecycle Worksheet

    Focus on one particular company in completing all of the sections of the worksheet.
    • Use the Product Lifecycle Worksheet (linked in the Resources under the Required Resources heading).
    • Complete all of the sections of the worksheet, identifying tasks or tactics for each aspect of the marketing mix at each stage of the product lifecycle.

    Example

    For the place aspect of the marketing mix for a product at REI, in the introduction phase of the product lifecycle, the product might be distributed on a limited basis, only to specific flagship stores. As the product moves to the decline phase of the product cycle, REI might choose to distribute the product in outlet stores.Refer to the Product Lifecycle Worksheet for further examples.

    Additional Requirements

    • Written communication: Written communication is free of errors that detract from the overall message.
    • APA formatting: Resources and citations are formatted according to current APA style and formatting.
    • Font and font size: Times New Roman, 12 point.

Unformatted Attachment Preview

Assessment 4 Context Product Lifecycle The length of the lifecycle will vary from market to market. Jell-O is an excellent example of a mature product that has survived many years. When it was nearly discontinued many years ago, a new promotional campaign was introduced that boosted it back to prominence. Jell-O used "there's always room for Jell-O" as well as "watch it wiggle" messages to reposition what was a dying product. Since then, Jell-O has expanded its product premise (with products such as Pudding Pops) to reinforce the total brand successfully. The Jell-O corporation also identified market segments (kids, desserts, snacks, and so forth) that could be successfully targeted while reaching for further market development and sales growth. "Just as biological cycles progress from birth through growth and decline, so do product life cycles...a product has four major stages: introduction, growth, maturity, and decline" (Pride & Ferrell, 2000). The tasks of a marketer differ in each of the phases of a product or service lifecycle.  Introduction: In the introductory stage of the lifecycle, sales and profits are zero, and the marketing challenge is to bring the product to market by arranging for distribution, initial promotion, consumer awareness, and positioning.  Growth: The growth state of the cycle is often marked by the rapid increase of sales and profits, the appearance of competition, and pressure to lower prices and add new product features.  Maturity: Maturity sees the leveling of demand for a product, declines in profits and pricing, lower promotional costs, expansion into less profitable markets, and the exit of some competitors from the market.  Decline: During a product's declining phase, sales fall rapidly, and the product may be discontinued or relegated to a small niche within a company's offerings. Promotional spending is generally very low on a product in this stage, and clearance pricing is often evident. These are general trends for each lifecycle stage. For each product, service, or even brand, the conditions, as will the length of the cycle, may vary. A product lifecycle may be as short as a few months (a fad) or it may last well over 100 years (Coke, Pepsi, and Levi's). New products with better materials, better technology, or different fashions may force a product into early retirement. The Product Lifecycle image shows the cycle in terms of sales and profitability. When a product is successfully introduced into a market (or, sometimes, creates a new market), it generates a rapid increase in sales, ramping up in the introduction BUS-FP3030 Assessment 4 Context 1 Assessment 4 Context stage. As the market matures, sales decline and profits slow or dwindle. The profit curve grows much more slowly than the sales curve, and begins the decline faster than sales. Market Segmentation "A market segment consists of individuals, groups, or organizations with one or more similar characteristics that cause them to have relatively similar product needs" (Pride & Ferrell, 2000). Market segmentation is the division of markets into logical pieces. This is a primary task of the marketer within the organization. Markets can be divided into consumer markets (users who plan on consuming or benefiting directly from a product purchase) and organizational or business-to-business markets, where products are typically bought for use in making other products or for institutional use. Consumer market segments are profiled in a variety of ways, according to variables such as demographics, psychographics, geography, and behavior. If you conduct an Internet search for "consumer market profile example" or "target market profile example," you will find that a broad range of variables are used to define a market segment, often depending on the type of product or service involved. Reference Pride, W., & Ferrell, O. (2000). Marketing: Concepts and strategies. New York, NY: Houghton/Mifflin. BUS-FP3030 Assessment 4 Context 2 Product Lifecycle Worksheet For each part of the marketing mix, list several marketing tactics that would be used for each stage of the product lifecycle. (Several have been started as examples.) Marketing Mix Product Introduction 1. 2. Growth Example: New product features: colors, styles, accessories are added. Maturity Decline 1. 1. 2. 2. 1. Example: Distribution is mostly through the outlet stores. 1. 2. Place (Distribution) Price Example: 1. Distribution 2. may be limited to flagship stores as a test. 2. 1. 1. 2. 2. 1. 2. Example: Prices start to lower due to competition. 1. 2. Example: Clearance pricing in effect. 1. 1. 2. 2. Promotion Example: Goal of initial promotion is to tell consumers what the new product is and does. 1. 1. 1. 2. 2. 2. 1. 2. 1
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Explanation & Answer

Hello,Find the filled worksheet below, look at it and let me know if you need any changes.Thanks!!

Product Offerings
Case Analysis of Outdoor Tents of REI
Student’s Name
Professor
Course
Date

1

Product Lifecycle Worksheet
For each part of the marketing mix, list several marketing tactics that would be used for each
stage of the product lifecycle. (Several have been started as examples.)
Marketing
Mix
Product
Outdoor Tents

Company
Name:
Recreational
Equipment Inc.
(REI)

Place
(Distribution)

Introduction

Growth

1. The tents are
launched and
introduced in
the market.

Example: New
product
features:
colors, styles,
accessories are
added.

2. They have
attractive
designs to
capture the
customer’s
attention.
3. Only basic
versions of the
product are
produced since
it’s still early to
make
improvements
(Donoghue &
Papinniemi,
2018).

1. Few design
improvements
...


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