Assignment: Product Lifestyle
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.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
• Competency 4: Apply effective marketing planning and implementation.
o Identify marketing tactics related to product, at each stage of a product lifecycle.
o Identify marketing tactics related to price, at each stage of a product lifecycle.
o Identify marketing tactics related to place, at each stage of a product lifecycle.
o 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 Context document contains important information related to the following topics:
• Product Lifecycle.
o Introduction.
o Growth.
o Maturity.
o 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?
Instructions
For this assessment, consider that you work as a marketing analyst for a consulting firm. You were previously asked to develop an analysis white paper to be used for marketing purposes to showcase the firm's consulting capabilities, and your manager and the firm's marketing team was impressed with your work. As a result, your manager asked you to create another analysis white paper to also be used for marketing purposes, but focusing on a different dimension of the firm's services.
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.
o Identify marketing tactics related to product that have the potential for real-world application at each stage of a product lifecycle.
o Identify marketing tactics related to price that have the potential for real-world application at each stage of a product lifecycle.
o Identify marketing tactics related to place that have the potential for real-world application at each stage of a product lifecycle.
o Identify marketing tactics related to promotion that have the potential for real world application at each stage of a product lifecycle.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, 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 assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.
Attachment:- Product-Lifecycle.rar