All products/services go through a life cycle of NPI (new product introduction), growth, maturity, and decline

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.

Assignment Steps

Create a minimum 700-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

The plan will be a continuation of the global or multi-regional company you chose in Week 1 and will be incorporated into your overall marketing plan for Week 6.

Note: Charts/graphs/tables do not count toward the word count.