Purpose Of This Assignment Is To Have Students P

Conduct an environmental scan for your company focusing on which of the five external forces the company is likely to be impacted by and what actions they will need to take to overcome them. Select and describe the price strategy your company will use to launch its product/service. Why is that strategy the best choice and will it need to be adjusted over the duration of the Product Life Cycle (PLC)? Why or why not? Select four methods from advertising, public relations, traditional digital marketing, new digital marketing techniques, sales promotion, direct marketing, event marketing, and outdoor advertising, and explain how they should be used by your company. Explain the reasoning why they align best with your target segment and product. Analyze how your company will implement the seven stages of the New-Product Development Process to bring your product/service from concept to commercialization.

Purpose Of This Assignment Is To Continue To Have Students Place Thems

Continue with the scenario where students act as a marketing research and planning team leader, completing a project that began in Week 3. The task involves conducting an environmental scan, selecting a pricing strategy, choosing promotional methods, and analyzing the new-product development process for a company's product or service. The analysis will be presented to the board of directors and stakeholders to inform their decision on whether to launch the product and how to do so effectively.

Paper For Above instruction

The purpose of this assignment is to synthesize key marketing strategies by stepping into the role of a team leader responsible for guiding a company's product through the final stages of launch planning. Building on earlier coursework, students are expected to perform a comprehensive environmental scan, select an appropriate pricing strategy, determine effective promotional methods, and delineate the steps involved in bringing a product from concept to commercialization, thereby demonstrating an integrated understanding of marketing principles.

Environmental Scan and External Forces

Environmental scanning entails analyzing external forces that could impact the success of a new product. The five external forces—economic, technological, competitive, social, and regulatory—must be scrutinized to anticipate challenges and strategize accordingly. For example, economic conditions such as recession or inflation can influence consumer purchasing power. The company must adapt by offering value-driven pricing or flexible payment options. Technological advances may facilitate innovative marketing channels or product features; thus, the company should stay informed about technological trends to enhance product development and promotion. Competitive dynamics require ongoing market analysis to maintain differentiation, necessitating strategies like continuous innovation or building brand loyalty. Social forces, including changing consumer preferences and cultural trends, require the company to tailor its messaging and product attributes. Regulatory factors, such as compliance with industry standards or environmental laws, necessitate proactive internal policy adjustments to avoid legal issues and build consumer trust. Overall, a balanced approach combining agility and strategic foresight is essential to mitigate risks posed by external forces.

Pricing Strategy

The chosen pricing strategy for the product launch is value-based pricing, which focuses on setting a price aligned with the perceived value to the customer rather than solely on costs or competitor prices. This strategy is ideal because it emphasizes customer benefits and positions the product as a solution to specific needs, fostering a premium perception if appropriate. It allows flexibility to adjust prices as market conditions, competitive actions, and consumer perceptions evolve during the product's life cycle. During the growth stage of the Product Life Cycle (PLC), the company might consider value-based or skimming strategies to maximize early revenues. As the product matures, a shift toward more competitive or penetration pricing could be necessary to sustain market share. The adaptability of this pricing approach ensures responsiveness to market feedback and external changes, making it the optimal initial choice for effective product positioning and revenue maximization over time.

Promotional Methods Selection

Four promotional methods selected for this scenario are digital marketing, public relations, event marketing, and sales promotion. Digital marketing—including social media campaigns, targeted online ads, and content marketing—is highly effective for engaging digital-native target segments, providing measurable results and broad reach. Public relations efforts—such as press releases, media outreach, and influencer partnerships—are essential for building credibility and enhancing brand reputation, especially during product launch. Event marketing also plays a vital role by creating memorable experiences, allowing direct interaction with potential customers and stakeholders to generate buzz and gather immediate feedback. Sales promotions—such as discounts, free trials, or loyalty programs—are useful for incentivizing initial purchases and encouraging trial among hesitant consumers. These methods collectively align best with the target audience by leveraging digital channels' immediacy and broad reach, combined with experiential and credibility-building activities essential for fostering trust and engagement during the product launch phase.

Implementation of the New Product Development Process

The new product development process comprises seven stages: idea generation, screening, concept development and testing, business analysis, product development, test marketing, and commercialization. Initially, the company must generate innovative ideas through research, customer feedback, and trend analysis. These ideas are then screened to evaluate feasibility and strategic fit. Concept development involves detailed description and validation with target customers, often via focus groups or surveys. Business analysis assesses market potential, costs, and profitability to ensure viability. During product development, prototypes or beta versions are created and refined based on testing results. Test marketing introduces the product to a limited audience to gauge market response, refine messaging, and detect issues. Finally, commercialization encompasses full-scale production, distribution, and marketing efforts to launch the product nationally or globally. This systematic approach minimizes risks, aligns product features with customer needs, and ensures a smooth transition from concept to broader market acceptance.

References

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