Homework: Promotion and the Product Life Cycle
Purpose of Homework
All products/services go through a lifecycle 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 lifecycle. 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:
1) Select a product strategy.
2) Address at least three areas of the product lifecycle (NPI, growth, maturity, and decline).
3) Create at least two different types of media methods for the product or service. One method must be print and the other must be non-print, both of which highlight your product or service. In your homework, include 2-3 sentences about each media method (i.e., one paragraph of what you would do, but not how to do it). For example, (this cannot be used in this homework), a non-print media method would be a Facebook campaign that provides users with a reward for each review (positive or negative) about the use/appearance/price/etc. of the product or service.
4) Determine how you will measure the marketing activities (i.e., what metrics will be used to determine success or failure).
5) 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
• Positioning
Text Book: Kotler, P. T. & Keller, K. L. (2016). Marketing management (15th ed.). Upper Saddle River, NJ: Pearson/Prentice Hall.
Format your homework according to the give formatting requirements:
a. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
b. 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.
c. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.