1. promotion and the product life cycle 32
Purpose of Assignment 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 assignment is to allow you to demonstrate an understanding of the
factors that can affect the launch of a product or service.Assignment StepsCreate a
minimum 700-word product strategy in Microsoft® Word. Complete the following:Select
and describe your product strategy for your product or service identified in week 1. Note
the product strategy is your product mix of Price, Product, Place, and Promotion for a
specific target market or customer group.Address how this product strategy will change for
at least three stages of the product life cycle (NPI, growth, maturity, and decline).Address
three elements of the following Product and Promotion List: DO NOT PROVIDE A GENERIC
DEFINITION OF TERMS but describe how the concept related to your selected product or
service. Integrated marketing communicationAdvertising strategy/objectivesPush and
pullMedia strategyAdvertising execution Direct marketingPublic
relations/strategiesPositioningDescribe 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 assignment, 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 assignment), 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.Determine how
you will measure the marketing activities (i.e., what metrics will be used to determine
success or failure).The plan will be a continuation of the 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.Format your assignment
according to APA guidelines. Submit your assignment.
