Product Lifestyle
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.
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:
Library Resources
The following e-books or articles from the Capella University Library are linked directly in this course.
· Ruskin-Brown, I. (2006). Mastering marketing (2nd ed.). London, GBR: Thorogood Publishing.
· McDonald, M., & Wilson, H. (2011). Marketing plans: How to prepare them, how to use them (7th ed.). Hoboken, NJ: Wiley.
· Kermally, S. (2004). Gurus on marketing. London, GBR: Thorogood Publishing.
Course Library Guide
A Capella University library guide has been created specifically for your use in this course. You are encouraged to refer to the resources in the BUS-FP3030 – Fundamentals of Marketing and Sales Library Guide to help direct your research.
Internet Resources
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/presurvey.shtml
. You are encouraged to complete the VALS Survey, then address the Questions to Consider.
Books
· Lamb, C. W., Hair, J. F., & McDaniel, C. (2019). MKTG 12 (12th ed.). Boston, MA: Cengage Learning. Available in the courseroom via the VitalSource Bookshelf link.
· Ries, A., & Trout, J. (1994). The 22 immutable laws of marketing. New York, NY: Harper Business. Available in the courseroom via the VitalSource Bookshelf link.
Instructions
For this assessment, consider that you work as a marketing analyst for a consulting firm. You were previously asked to develop an analysis white paper to be used for marketing purposes to showcase the firm’s consulting capabilities, and your manager and the firm’s marketing team was impressed with your work. As a result, your manager asked you to create another analysis white paper to also be used for marketing purposes, but focusing on a different dimension of the firm’s services.
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.
. Identify marketing tactics related to product that have the potential for real-world application at each stage of a product lifecycle.
. Identify marketing tactics related to price that have the potential for real-world application at each stage of a product lifecycle.
. Identify marketing tactics related to place that have the potential for real-world application at each stage of a product lifecycle.
. Identify marketing tactics related to promotion that have the potential for real world application at each stage of a 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.
Based on your executive audience, your case study should be well organized and written in clear, succinct language. Follow APA rules for attributing sources that support your analysis and conclusions.
Academic Integrity and APA Formatting
As a reminder related to using APA rules to ensure academic honesty:
1. When using a direct quote (using exact or nearly exact wording), you must enclose the quoted wording in quotation marks, immediately followed by an in-text citation. The source must then be listed in your references page.
2. When paraphrasing (using your own words to describe a non-original idea), the paraphrased idea must be immediately followed by an in-text citation and the source must be listed in your references page.