All products/services go through a life cycle 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 life cycle. 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.
Create a minimum 500-word product strategy in Microsoft® Word. Complete the following:
Select a product strategy.
Address at least three areas of the product life cycle (e.g., NPI, growth, maturity, and decline).
Discuss two types of media methods you could use to highlight your product or service.
Determine how you will measure the marketing activities (i.e., what metrics will be used to determine success or failure).
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