Assignment Problem: You have now completed the Product Description component of your course project. It is now time to move forward with your project and incorporate into your developing documents the topics of the target market and product life cycle. You your market segmentation/target market component. However, you are not asked to submit anything associated with the product life cycle, but this is an important component of your decision-making.
Part 1: Review the concept of the Product Life Cycle for your product. Once you have determined which of the four stages you believe your product currently occupies, respond to the following:
Which stage of the PLC did you determine your product currently operates within? Why do you believe that this is the stage of the Product Life Cycle that your product currently holds? Support your decision.
Review the strategic implications of the Marketing Mix Strategy that goes along with this stage of the product life cycle. What does this mean/imply about the product your team is creating? Discuss, for each of the marketing mix variables, what you must consider as you move forward with your marketing plan for your project.
Part 2: Now, when thinking in terms of the Product Portfolio, your product will probably begin as a Problem Child or Question Mark. Reflect on the PLC position and what you said you had to consider/address for the position. Now, in addition to what you have already stated, what else must you consider because of the Portfolio position of the product? Explain.
Part 3: Finally, review the 4 different product classification types. Which type do you believe best describes your product? Why do you believe it is that type of product? What are the strategic implications associated with that stage? Does this impact previous aspect of strategy developed within the PLC and Product Portfolio? If so, what and how?
Part 4: Now, look over the above three responses. What are the strategic implications when you integrate all three of the concepts? In other words, when all three are considered at once, how will this impact your strategic decision-making and the overall strategy? Explain.