Product Lifecycle

Just the worksheet has to be done

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.

SHOW LESS

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:

• Competency 4: Apply effective marketing planning and implementation.
  • 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.

• 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.SHOW LESS

  The Assessment 4 Context document contains important information related to the following topics: SEE ATTACHMENT

  • Product Lifecycle.
    • Introduction.
    • Growth.
    • Maturity.
    • Decline.
  • Market Segmentation.
  • 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.SHOW LESS
    • 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?