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Product Life Cycle
Product Life Cycle
Please type the paper in 12 font, Times new roman and a minimum of 2 full pages. Please be as detailed as possible. Please include at least 2 creditable references and please list in APA format free of errors and extra word fillers. Please include page numbers at the bottoms of each page ONLY not the top.
Please center headings and for each indent use 6 spaces instead of a tab.
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Please see below for more detailed instructions on requirements etc.
The assessment instructions is a guide for the paper and please answer each bullet in the paper from the assessment portion of the instructions.
Plan the tasks or tactics for a marketing mix in various stages of the product lifecycle, using a provided worksheet.
The task of managing a given product at any stage of that lifecycle is significant and offers multiple opportunities for success or failure.
Competency 4: Apply effective marketing planning and implementation.By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
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- Identify marketing tactics related to product, at each stage of a product lifecycle.
- Identify marketing tactics related to price, at each stage of a product lifecycle.
- Identify marketing tactics related to place, at each stage of a product lifecycle.
- Identify marketing tactics related to promotion, at each stage of a product lifecycle.
Context
Product Lifecycles
Most of us think of primary marketing efforts as being focused on the introduction of new products. In reality, all products undergo a lifecycle: introduction, growth, maturity, and decline. The task of managing a given product at any stage of that lifecycle is significant and offers multiple opportunities for success or failure. A large number of new products fail at launch (introduction), while many go on to live long market lives.
The Assessment 4 Context document contains important information related to the following topics:- Product Lifecycle.
- Introduction.
- Growth.
- Maturity.
- Decline.
- Market Segmentation
Questions to Consider
To deepen your understanding, you are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of the business community.
- Consider your favorite products and what lifecycle stages they are in. How do you think this affects the kind of marketing activities that the companies are using for these products?
- For the following question, refer to the VALS Survey from the Strategic Business Insights Web site, linked in the Resources. Take the survey. What did you learn about your own preferences from this exercise? Do you think the survey was accurate?
Required Resources
The following resources are required to complete the assessment.
Capella Resources
Click the links provided to view the following resources:
- Product Lifecycle Worksheet. – Please see attachment
Suggested Resources
The following optional resources are provided to support you in completing the assessment or to provide a helpful context. For additional resources, refer to the Research Resources and Supplemental Resources in the left navigation menu of your courseroom.
Capella Resources
Click the links provided to view the following resources:
- Assessment 4 Context. – Please see attachment
Access the following resources by clicking the links provided. Please note that URLs change frequently. Permissions for the following links have been either granted or deemed appropriate for educational use at the time of course publication.
- Marketing Power, Inc. (2013). American Marketing Association. Retrieved from http://www.marketingpower.com/Pages/default.aspx
- Hoover’s, Inc. (2013). Hoovers. Retrieved from http://www.hoovers.com
- The Ad Age Group. (2014). AdvertisingAge. Retrieved from http://adage.com
- Direct Marketing Association. (2013). DMA: Advancing and protecting responsible data-driven marketing. Retrieved from http://thedma.org
- Concept Marketing Group Inc. (2013). Concept Marketing Group. Retrieved from http://www.marketingsource.com
- Strategic Business Insights. (2013). Retrieved from http://www.strategicbusinessinsights.com
- Strategic Business Insights. (2013). The VALS survey. Retrieved from http://www.strategicbusinessinsights.com/vals/pres…
- You are encouraged to complete the VALS Survey, then address the Questions to Consider.
Assessment Instructions
Plan the tasks or tactics for a marketing mix (product, place, price, promotion) in various stages of the product lifecycle (introduction, growth, maturity, and decline).
Product Lifecycle Worksheet
Focus on one particular company in completing all of the sections of the worksheet.
- Use the Product Lifecycle Worksheet (linked in the Resources under the Required Resources heading).
- Complete all of the sections of the worksheet, identifying tasks or tactics for each aspect of the marketing mix at each stage of the product lifecycle.
Example
For the place aspect of the marketing mix for a product at REI, in the introduction phase of the product lifecycle, the product might be distributed on a limited basis, only to specific flagship stores. As the product moves to the decline phase of the product cycle, REI might choose to distribute the product in outlet stores.Refer to the Product Lifecycle Worksheet for further examples.
Additional Requirements
- Written communication: Written communication is free of errors that detract from the overall message.
- APA formatting: Resources and citations are formatted according to current APA style and formatting.
- Font and font size: Times New Roman, 12 point
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