Purpose of Assignment
All products/services go through a life cycle of the Product Life Cycle (product introduction, growth, maturity, decline and termination) for a NEW PRODUCT (NPI – new product introduction). 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 of the student election.
Format For The Week Three Paper
Please, use the following format for your week three paper. Thanks.
Promotion and Product Life Cycle
[Note: The selected company and the consumer product are the ones researched in week one and the product/service the one selected in week two].
1. Select the Foreign Country of your choice with a brief size description and main economic and social factors
Provide a brief size description of the selected country (geographical, population and GDP) and describe major economic factors and social factors related to your consumer product choice.
2. Describe at least three areas of the product life cycle for the selected new product (product introduction, growth, maturity, decline and termination).
This addresses the consumer product choice you made.
3. Describe how you will measure (what metrics will be used to determine success or failure) the marketing activities (Positioning, Targeting, and the 4 P’s).
Here you should describe the metrics you will use for each one of the following marketing activities: Positioning, Targeting, and the 4 P’s. In addition to the description, you should include numerical ranges for each one of your metrics.
4. Create at least two different types of media methods for the products:
a – One media method must be a print method
b – 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). Please, check the Classroom Message Area for Media Strategy Information and Communication and Advertising Strategies.
5 – Address three elements of the Product and Promotion List (see below).
- Product and Promotion List:
5.1Integrated Marketing Communication
5.2 Advertising Strategy/Objectives
5.3 Push and Pull
5.4. Media Strategy
5.5 Advertising Execution
5.6 Direct Marketing
5.7 Public Relations/Strategies
Please, avoid generic descriptions and concentrate on the Product and Promotion strategies related to your consumer product choice.
The plan will be a continuation of your global or multi-regional company you chose in Week 1 and the product selected 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.
Click the Assignment Files tab to submit your assignment.