Business & Finance 2023 Mkt/571
2023 All products services go through a life cycle of NPI new product introduction
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: Charts/graphs/tables do not count toward the word count.
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