Marketing Strategy over Product Life Cycle
The product life cycle helps to inform decisions made by marketing managers. Examine two products that you are familiar with, one that is in the early stages of the product life cycle and one in the mature stage.
- How is the marketing different for the two products?
- What improvements to the marketing strategy would you recommend for each if you were the marketing manager?
Between 700 and 750 words. Use at least three sources
Choose from any two categories products that are at different product life cycle stages. Identify the product life cycle stages for your selected products and provide explanations for why you believe they are at these stages. Then, provide answers to these two questions:
- Examine the product life cycles for your chosen two products relative to how it affects the company’s marketing strategies
- How would your suggestion be different for the two companies’ brand managers about making decisions on price, advertising, and distribution channels?
Paper should follow the following criteria;
- The selected topic should be relevant, and the introduction should present a concise lead-in to the paper.
- Balance presentation of relevant and legitimate information that clearly supports a central purpose or argument and displays evidence of a thoughtful, in-depth analysis of a significant topic.
- ideas are arranged logically to support the purpose or argument
- Presents a logical explanation for findings.
- Adequately identify differences between the markets in terms of consumers and competitors. Adequately show how the decisions on price, advertising, and distribution channels are different for two brand managers.
This should be 3 pages exclusive of cover and reference page. Use at least five sources
As a new Products Process Manager, you are responsible for helping project managers to develop new product processes and use them effectively;
- Explain the difference between Invention and innovation relative to new product development.
This should be between 500 and 550 words. Use at least three sources.
Sources you can use
- The University of Minnesota. (2010). Principles of marketing.Licensed under Creative Commons Attribution-NonCommercial-ShareAlike 4.0.
- Section 7.1 – The New Offering Developing Process.
- Section 7.2 – Managing New Products: The Product Lifecycle.
- Migrator. (2019, May 31). Product life cycle. Retrieved from https://www.nibusinessinfo.co.uk/content/product-life-cycle.
- Farbey, Y. (2016, December 6). The product life cycle and product development cycle. Retrieved from http://thestartupmag.com/birth-and-death-the-product-life-cycle-and-product-development-cycle/.