MKT 571: Promotion and the Product Life Cycle

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Please review the Grading Rubric, the answer should incorporate all areas of grading, with a no plagiarized results, must be cited and referenced.

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The additional SUPPORTIVE files are the previous week’s assignment that go hand on hand with this week.

Business of choice is: Facebook

MKT 571: Promotion and the Product Life Cycle
Purpose of Assignment  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. 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 the student to demonstrate an understanding of the factors that can affect the launch of a product or service. A secondary objective is to understand the differences in a product launch in the U.S. (domestic market) and an international market.   Assignment Steps  Generate a minimum 700-word product strategy in Microsoft® Word.  Incorporate a product strategy that addresses the following: At least three areas of the product life cycle (NPI-new product introduction, growth, maturity and decline). How you will measure (what metrics will be used to determine success or failure) the marketing activities. Create at least two different types of media methods for the products. One media method must be a print method and one must be non-print. A media method is a media strategy which highlights your product. For example, (this cannot be used in this assignment), a non-print media method would be a Facebook campaign that provides a user a reward for each review, positive or negative, posted about the use/appearance/price/etc. of the product. In your assignment, you should have 2-3 sentences about each media method (i.e. one paragraph of what you would do, not how to do it). Address three elements of the Product and Promotion List (see below). Product and Promotion List: Integrated Marketing Communication Advertising Strategy/Objectives Push and Pull Media Strategy Advertising Execution                      Direct Marketing Public Relations/Strategies Positioning  The plan will be a continuation of your global or multi-regional company you chose in Week 1. This will be incorporated into your overall marketing plan for Week 6. Note: Charts/graphs/tables do not count toward the word count. Cite a minimum of three peer-reviewed references. Format your assignment consistent with APA guidelines.  Grading Guide Content Met Partially Met Not Met Comments: Student’s product strategy addresses at least three areas of the product life cycle (NPI-new product introduction, growth, maturity and decline).   Student’s product strategy addresses how he/she will measure (what metrics will be used to determine success or failure) the marketing activities. Student’s product strategy includes the creation of at least two different types of media methods for the products. One media method must be a print method and one must be non-print. A media method is a media strategy which highlights his/her product. Student has 2-3 sentences about each media method (i.e. one paragraph of what he/she would do, not how to do it). Student does not use the Facebook example provided here: Product and Promotion: Integrated Marketing Communication Advertising Strategy/Objectives Push and Pull Media Strategy Advertising Execution Direct Marketing Public Relations/Strategies Positioning Student’s product strategy addresses three elements of the Product and Promotion List provided in the assignment. The product strategy is a minimum of 700 words in length. Note: Charts/graphs/tables do not count toward the word count. Total Available Total Earned 3.5 #/3.5 Writing Guidelines Met Partially Met Not Met Comments: The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. Total Available Total Earned   1.5 #/1.5
MKT 571: Promotion and the Product Life Cycle
0 Understanding Target Markets Week 2 Facebook Target Markets Among social media companies, Facebook stands out for its longevity and ability to monetize the significant data collected from its users. Facebook is currently the largest social media brand with a significant market share among young and middle-aged people. Facebook has several strengths that cement its strong industry position; one of these strengths is a strong brand image; over one billion people use Facebook’s services all over the world daily, this translates into a strong brand image. Facebook has been able to venture into greater profits because of the expansion of the brand image. Another key strength of is its enormous user base of more than 1.8 billion monthly active users; this makes the company the undisputed leader in social media and the preferred choice for advertisers. The significant number of monthly active users means Facebook is in a position to make billions in profits that it reinvests to improve its market position further and buy out the competition. Despite the fact, Facebook is the most successful company at engaging users and monitoring the data provided by users, several weaknesses, if not adequately addressed could signal the end of the enterprise. One of the weaknesses is low diversification of their core business. Facebook makes the bulk of its money from advertising on its social network site; this makes it overly dependent on the social networking site and vulnerable to changes in consumer preferences. The increase in popularity of applications such as Snapchat show that consumers are hungry for a different form of engagement; if Facebook fails to diversify, it will experience loss of market share to competitors (Malhotra, Birks, and Wills, 2013). Another weakness is that Facebook is a large company inadequate to compete with more nimble competitors who are capable of responding to consumer changes. In recent, years, Facebook has taken to buying rival companies such as Instagram and WhatsApp instead of innovating; Facebook’s lack of innovation is a major weakness that the company should address. As the biggest social media company in the world, there are plenty of opportunities for Facebook to improve its market position and innovate. One of the actions for Facebook is connecting the world’s last batch of nations and people not connected to the internet; among western countries, Facebook has achieved near market saturation, growth for the company now lies in connecting the world’s unconnected people. Facebook has several projects aimed at connecting the unconnected world including a solar-powered plane that beams the internet to unconnected towns. Another opportunity for Facebook is market diversification. Facebook is currently very profitable, and it generates considerable volumes of cash; the company should use its dominant market position to innovate and provide new experiences that the market desires and appreciates, this ensures the longevity of the enterprise. Fierce competition is one pertinent threat that Facebook faces. Companies such as Google have the resources, expertise, and initiative necessary to create a viable rival product that can take away market share from Facebook. Intense competition means that Facebook should always be on its toes or risk ceding market share to more nimble competitors such as Snapchat. Another threat that Facebook faces is market saturation in the United States of America and other western countries, the company risks becoming complacent and basking in its significant market share. It is necessary for Facebook to continue innovating so that it remains relevant and generates value for consumers (Babin & Zikmund, 2015). Several technological factors affect the operation of Facebook. One of the significant technological trends is the growth of mobile computing through devices such as smartphones, smartwatches, and an increasing array of connected devices. The increase in mobile computing presents opportunities and threats for Facebook, on the one hand, it presents the company with new ways of creating value for consumers while on the contrary mobile computing gives other companies the opportunity to outdo Facebook (Facebook). In its last financial report, Facebook reported over 1.8 billion monthly active users, which represents a seventeen percent increase from 2016. The Majority of Facebook’s users are adults between the ages of 25 to 39; this makes Facebook a coveted advertising platform by advertisers. Facebook’s financial report also shows that 76% of its female users and 66% of its male users are daily active users (Facebook). The demographic data about its users that Facebook provides shows that it attracts a coveted segment of the population; adults between the ages of 25 and 39 are more likely to have disposable income; this makes Facebook the chosen advertising platform for advertisers. The trends also show that Facebook is failing at attracting a younger crop of users below the age of 25. References Babin, & Zikmund. (2015). Exploring marketing research. Cengage Learning. Facebook. (n.d.). Facebook FORM 10-K. Retrieved from UNITED STATES SECURITIES AND EXCHANGE COMMISSION: https://www.sec.gov/Archives/edgar/data/1326801/000132680116000043/fb-12312015x10k.htm Malhotra, Birks, & Wills. (2013). Essentials of marketing research. Pearson.
MKT 571: Promotion and the Product Life Cycle
0 Research Marketing Questions Week 1 Memo To:, Senior Vice President (SVP) Marketing Department FROM:, Analyst Date: March 20, 2017 SUBJECT: Marketing Strategies to Improve the Company’s Revenue Earnings Thank you in advance for reading this memo that identifies what I have reviewed based on our company collected data and financials. From my analysis, I see that we have experienced some changes in the revenue earnings from 2015 and Quarter’s One and Two from 2016 financial year, this could be based on the strategic operations adopted. There was a general improvement in the company’s financial performance; there were areas that had a noticeable decrease in revenues; this could be possibly due to management not releasing the funds to finances promptly for implementation of strategic plan. In the review, I noticed three major areas showing increased revenues were the Domestic in our Global Breakout area, Expand in the Customer Rank area and Commercial in our Customer Class area. Please see the table below this provides a full view of what the Revenue Earnings were in both quarter’s one and two as well as the comparison and increase from 2015 vs. 2016. Revenue Earnings Qtr. 1, 2016 Revenue Earnings Qtr. 2, 2016 Revenue Earnings 2015 vs. 2016 Domestic $12,085,137 $6,145,978 + $1,930,466 Expand $7,634,424 $4,017,070 + $1,282,340 Commercial $7,195.592 $3,719,525 + $1,130,973  (University of Phoenix, 2017, p. Spreadsheet). The increase in revenue was due to the growth made by our marketing and advertisement teams and their incredible strategic planning for improvement. In my analysis, I also found some areas where the services sector was lower on the revenue earnings in the last quarter of 2015 as well as the first two-quarters in 2016. It is important that changes are made to ensure there is productivity from all the sectors. My recommendation in this area would be to allocate additional funds to their financing and operations to attempt and correct some of their losses; this is similar to what we did with the other three identified, and we did very well. The overall analysis of the company revenue earnings shows that there has been a general increase in the last few years based on the data received and reviewed. It is clear that we rely on all of our customers for our products, but it is important to provide an expansion strategy and that we adopt as soon as possible to continue to help and venture into the foreign markets and reach a higher market share. If we adopt this expansion strategy, this will more than likely help increase our revenue as it has in the past two consecutive years. My analysis includes a review of the data of our domestic customers, they are our principal assets, and we seek to attract and retain more of the customers through a motivated workforce. The major objective of our marketing strategies is to increase our market outreach to domestic customers by enhancing their awareness of the existence of our products and services. We will need to conduct intensive marketing campaigns through online marketing and broadcasting advertising, and we will need to additionally explore marketing in the foreign countries to help increase opportunities to a much larger audience and attempt to excel from what other existing companies are providing and marketing. We need to focus on attracting new clients not so much the retention only of the existing customers. We will need to establish customer trust and royalty by the production of quality, affordable and after sale services in addition to our company considering changing the operations to ensure premium services and products to be differentiated in the industry. We need to hire and recruit employees in our production lines that are competent, properly trained, have knowledge of our company products as well as the goal and direction of the growth vision. Workers that can use their skills consistently and also increase our technological requirements for the recruits, this will provide us with the best of the best. Sincerely, , Analyst Part two Summary of a Company of Choice Facebook is an LLC, and Headquarters are located in Menlo Park, California according to Google; also, Facebook was founded in February 2004 by Mark Zuckerberg and his four colleagues in Cambridge, MA (Google, 2017). The company operates in the social networking industry and has been one of the fastest growing enterprises in the industry. This company is a huge in the networking field/area. Facebook includes in-game social assess and targets social advertising. Facebook is key to facilitating social, online communication, social events, customer based marketing at finger tips as long as the consumer has a smartphone device, tablet, or a laptop with internet connectivity access. Facebook has also diversified its services and offers other customer-oriented features such as affordability, flexibility, and reliability. The company uses acquisitions as a strategy to counteract competition and increase its market presence. For instance, it has acquired various businesses in the social networking industry including PrivateCore, WhatApp Inc., Oculus VR and Instagram. Facebook had a total of 450 full-time employees in 2007, but the number increased drastically to 12,691 employees in December 2015(Griggs, CNN, 2014). Years ago, there was a social networking by the name of MySpace, which I used and in fact, I think that Facebook has surpassed anything MySpace ever had with social networking. References Google. (2017). Retrieved from https://www.google.com/search?client=safari&rls=en&q=what+city+are+the+headquaters+of+facebook&ie=UTF-8&oe=UTF-8#q=when+was+facebook+founded&* Griggs, CNN, B. (2014). What’s Oculus VR, and why did Facebook pay $2B for it?. Retrieved from http://www.cnn.com/2014/03/26/tech/gaming-gadgets/oculus-vr-explainer/ University of Phoenix. (2017). Business Growth Overview. Retrieved from University of Phoenix, MKT/571 website.

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