MKT571 Week 3 Promotion and the Product Life Cycle-Toyota (2020)

Promotion and the Product Life Cycle

Purpose of Assignment 

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 allow the student 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.  

Assignment Steps 

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).

o    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.

 

MKT571 Week 2 Understanding Target Markets - Toyota (2020)

Wk 2 – Understanding Target Markets [due Sunday]

 

To develop effective relationship marketing, a company must first understand its targeted consumers' buying influences and behaviors. This week's assignment is the first part of the development of a marketing plan. It provides the foundation of the marketing plan and introduces the student to a variety of diagrammatic tools for understanding a business. 

 

Assignment Steps 

To develop effective relationship marketing, a company must first understand its targeted consumers' buying influences and behaviors. In Week 2, create the Research section of your plan. 

 

Create the research section of your marketing plan in minimum of 700 words.

 

Include at least 3 elements of the Research List of Topics (see list below):

·         Research List of Topics:

·         Primary Research

·         Secondary Research

·         Consumer Analysis

·         Customer Profile

·         Continuous Consumer Monitoring & Research

·         Environmental Scanning

·         Identify Market, Economic, Technological, Regulatory, Legal, Social, and Ecological Forces

·         Current Opportunities

·         Potential Future Opportunities

·         Current Threats

·         Potential Future Threat

·         Diagrams are not required but can be used to provide clarity and conciseness. Diagrams (and subsequent discussion) can include SWOT (emphasizes internal market--Strengths, Weakness, Opportunities, Threats) TOWS (emphasizes the external market--Threats, Opportunities, Weakness, Strength), PEST (Political, Economical, Social, Technological), SOAR (Strengths, Opportunities, Aspirations, Results), and/or STEEP (Social, Technological, Environmental, Economical, Political). All diagram(s) should be in APA format and must include a subsequent discussion of the diagram(s) providing insight and clarity.

 

Develop the first two parts of the Target Market section, which includes an overview of the demographics (age, income, family members, and birthdays) and psychographics (activities, interests, and opinions) analysis. This is not a detailed analysis but an overview (basic trends and insights from the data that is presented in annual reports and other SEC type filings).

 

Explain the insights you have gained from your inspection and analysis of the demographic and psychographic information you have found. 

This assignment will be incorporated into your overall marketing plan for Week 6.