MKT571 Phoenix Week 3 Product Strategy And The Product Life Cycle
Purpose of Assignment
This is the second part of your marketing plan. Make sure you are working on the same product/service in last week’s individual assignment.
All products/services go through a lifecycle of NPI (new product introduction), growth, maturity, and decline. These various stages affect the marketing strategy for a particular product or service. In Week 3, you will develop 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.
Complete a minimum 700-word product strategy in Microsoft® Word. Incorporate a product strategy that addresses the following:
Describe the nature of your product (product category, tangible/intangible, level of technology, importance of service etc.)
Describe one or two most important attributes of your products. How are they different from the competing products?
From consumers’ perspectives, what are the benefits and values provided by your product to the target consumers?
Discuss the focus of your product strategy and communication strategy in at least three areas of the product lifecycle (Introduction, growth, maturity, and decline).
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.
Cite a minimum of three peer-reviewed references.
Format your assignment consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.
Product Strategy and Product Life Cycle Grading Guide
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