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.