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 for a particular product or service. 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 you to demonstrate an understanding of the factors that can affect the launch of a product or service.
Create a minimum 700-word product strategy in Microsoft® Word. Complete the following:
- Select a product strategy.
- Address at least three areas of the product life cycle (e.g., NPI, growth, maturity, and decline).
- Discuss two types of media methods you could use to highlight your product or service.
- Determine how you will measure the marketing activities (i.e., what metrics will be used to determine success or failure).
- Address three elements of the following product and promotion list:
- Integrated marketing communication
- Advertising strategy/objectives
- Push and pull
- Media strategy
- Advertising execution
- Direct marketing
- Public relations/strategies
The plan will be a continuation of the global or multi-regional company you chose in Week 1 and will be incorporated into your overall marketing plan for Week 6.
NOTE: See attached files from week 1 and 2 first then start this week’s assignment!
NOTE: Use in-text citations according to all references used. Also, list all references used in the reference section.
NOTE: watch for plagirism, the instructor is using a plagirism checker that will show any plagirized material no matter how well you re-word them.
Note: Charts/graphs/tables do not count toward the word count.
Format your assignment according to APA guidelines.