Please Use The Grading Rubric Attached For Purpose Of Assign
Please Use The Grading Rubric Attachedpurpose Of Assignmentall Product
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. 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 demonstrate an understanding of the factors that can affect the launch of a product or service. A secondary objective is to understand the differences in a product launch in the U.S. (domestic market) and an international market.
Generate a minimum 700-word product strategy in Microsoft ® Word. Incorporate a product strategy that addresses the following: At least three areas of the product life cycle (NPI-new product introduction, growth, maturity and decline). How you will measure (what metrics will be used to determine success or failure) the marketing activities. Create at least two different types of media methods for the products. One media method must be a print method and one must be non-print.
A media method is a media strategy which highlights your product. For example, (this cannot be used in this assignment), a non-print media method would be a Facebook campaign that provides a user a reward for each review, positive or negative, posted about the use/appearance/price/etc. of the product. In your assignment, you should have 2-3 sentences about each media method (i.e. one paragraph of what you would do, not how to do it). Address three elements of the Product and Promotion List (see below).
- Product and Promotion List:
- Integrated Marketing Communication Advertising Strategy/Objectives
- Push and Pull Media Strategy
- Advertising Execution
- Direct Marketing
- Public Relations/Strategies
- Positioning
The plan will be a continuation of your 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.
Paper For Above instruction
The development and management of a product throughout its lifecycle is fundamental to effective marketing strategy. Understanding how a product transitions through its various stages—introduction, growth, maturity, and decline—is critical for crafting appropriate marketing tactics. In this paper, I focus on a new health-related wearable device launched by a multinational company, analyzing strategies tailored to three specific stages of the product lifecycle, defining success metrics, and proposing media methods to optimize market penetration in both domestic and international markets.
Product Lifecycle Strategies
During the New Product Introduction (NPI) phase, the primary goal is to generate awareness and stimulate initial demand. For the wearable device, this entails pre-launch publicity via trade shows, influencer collaborations on social media, and targeted advertisements in health and fitness magazines. Success metrics include pre-order numbers, website traffic, and social media engagement levels. As the product moves into the growth phase, focus shifts to expanding market reach and increasing sales volume. Strategies include ramping up advertising through digital campaigns and sponsorships in fitness events, as well as building strategic partnerships with health insurers. Metrics such as sales growth rate, customer acquisition cost, and market share are monitored to evaluate effectiveness.
The maturity stage emphasizes defending market position against competitors. Marketing efforts involve loyalty programs, upgraded features, and localized advertisements tailored to specific markets. Success here is gauged by repeat purchase rates, customer retention percentages, and overall profitability. In the decline phase, sales decrease due to market saturation or advances in technology. Strategies focus on cost reduction, product differentiation, or repositioning. Effectiveness is measured through profit margins and cost per acquisition metrics, determining whether to harvest, reposition, or phase out the product.
Media Methods
To promote the wearable device, I propose two media strategies. The first is a print media method: creating a series of compelling magazine advertisements and brochures placed in health and fitness publications such as "Health" or "Men’s Health." These materials will highlight the product's features, benefits, and user testimonials. The goal is to reach health-conscious consumers who prefer traditional media outlets. The second strategy is a non-print media method: a dynamic social media campaign on platforms like Instagram and TikTok, leveraging influencers to demonstrate product usage, share success stories, and provide limited-time discounts. This approach encourages consumer interaction and viral sharing, increasing brand visibility and engagement in a cost-effective manner.
Addressing the Product and Promotion Elements
For the integrated marketing communication strategy, the advertising objectives center on creating awareness during the NPI stage and reinforcing brand positioning during maturity. The push strategy involves engaging wholesalers and retailers with promotional incentives, while the pull strategy aims to attract consumers directly through social media and online advertising campaigns. Advertising execution involves engaging storytelling through videos and testimonials that demonstrate product benefits. Direct marketing initiatives include personalized email campaigns offering discounts to early adopters and loyal customers. Public relations strategies focus on press releases about technological innovations and partnerships with health organizations to bolster credibility. Positioning emphasizes the unique features of the wearable device—such as real-time health monitoring and seamless app integration—to differentiate it from competitors. Collectively, these strategies aim to build sustained product success across different stages of its lifecycle.
International Considerations
Launching this product in multiple regions requires adaptation of marketing strategies to fit cultural preferences, regulatory environments, and consumer behaviors. For example, in Asian markets, emphasizing health performance and technological superiority aligns with local consumer values, whereas in Europe, privacy concerns and data security might be emphasized. International marketing efforts must also address differences in media consumption, requiring tailored messaging on local channels. Measuring success internationally involves tracking regional sales, local engagement metrics, and market-specific customer feedback, ensuring the strategies remain agile and responsive to regional needs.
Conclusion
Strategically managing the product throughout its lifecycle is vital for maximizing market penetration and profitability. By focusing on specific stages—such as the introduction, growth, and maturity—and deploying targeted media methods, companies can effectively communicate with their audiences and adapt to regional differences. Success metrics provide valuable feedback for continuous improvement, ensuring the product remains competitive in dynamic global markets. This comprehensive approach not only supports tactical execution but also aligns with broader marketing objectives within the company's international expansion plans.
References
- Kotler, P., Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
- Armstrong, G., & Kotler, P. (2015). Principles of Marketing (16th ed.). Pearson.
- Grönroos, C. (2017). Service Management and Marketing: Customer Management in Service Competition. Wiley.
- Jobber, D., & Ellis-Chadwick, F. (2019). Principles and Practice of Marketing (9th ed.). McGraw-Hill Education.
- Nadkarni, S., & Herrmann, P. (2010). Customer Relationship Dynamics: Strategies for Managing Customer Behaviors. Journal of Business & Industrial Marketing, 25(3), 189-204.