Homework: Promotion and the Product Life Cycle
Purpose of Homework
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 homework is to allow you to demonstrate an understanding of the factors that can affect the launch of a product or service.
Homework Steps
Create a minimum 700 word product strategy in Microsoft® Word. Complete the following:
o Select a product strategy.
o Address at least three areas of the product life cycle (e.g., NPI, growth, maturity, and decline).
o Discuss two types of media methods you could use to highlight your product or service.
o Determine how you will measure the marketing activities (i.e., what metrics will be used to determine success or failure).
o Address three elements of the following 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
Format your homework according to the give formatting requirements:
1. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.