Promotion and the Product Life Cycle

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qznefu14

Business Finance

Description

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.

Assignment Steps

Complete the Promotion and Product Life Cycle Worksheet.

Cite a minimum of three peer-reviewed references.

Format your in-text citatons and references consistent with APA guidelines.

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Promotion and the Product Life Cycle Name: 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 demonstrate an understanding of the factors that can affect the launch of a product or service. The answer should be no more than 200 words. Answer Review and explain the three areas of the product life cycle. How you will measure (what metrics will be used to determine success or failure) the marketing activities.. Use numbers to Identify why the problem growing. 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. Address three elements of the Product and Promotion List (see below). Product and Promotion List: 1. 2. 3. • Integrated Marketing Communication • Advertising Strategy/Objectives • Push and Pull • Media Strategy • Advertising Execution • Direct Marketing • Public Relations/Strategies • Positioning References:
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Explanation & Answer

Attached.

Promotion and the Product Life Cycle

Name:
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 demonstrate an understanding of the factors that
can affect the launch of a product or service. The answer should be no more than 200 words.

Answer
Companies are aware that improved features of existing products are
effective marketing strategies.
The introduction stage for Ford Motors was characterized by low sales.
It was expensive due the research and development critical to introduce
Review and explain the

features that met the tastes and preferences of the target market. The

three areas of the product

introduction stage was characterized by extremely high expenses as the

life cycle.

company had to spend a lot to market its products to the already
competitive automobile market.
The growth stage was characterized by an increase in profitability due
to the economies of scale in the manufacturing process. The company
maximized its potential in this stage by capitalizing on its strengths and

opportunities. This is how Ford Motors transitioned into the Maturity
stage.
The maturity stage was characterized by stabilization. Ford Motors
Company had to seek strategies to ensure that it retained the market
share despite the fact that it was becoming saturated (Armstrong,
Kotler, Harker, Brennan, 2015). This time was challenging as the
company had to seek improvement formulas so as to main...


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