Packaging is used to protect products in their journey from the manufacturer to the end user or consumer. Packaging can also be used as a positioning strategy to help consumers identify a brand and even supply instructions on the use of the product. Packaging plays an important role in the marketing of a product and can be used to grab the consumer’s attention and facilitate the buying process.
Pricing strategies are also used to position a product, and there are different pricing strategies which can be used effectively in various stages of the product life cycle.
Use the company you chose in Module 1 for the basis for this assignment. Choose one of the products offered by the company, and research and present the following information in a five- to seven-page report using proper APA citations.
- Give a brief history of the company and identify and explain their various product lines. Describe the product you have chosen for this project and explain how it fits in the product mix of the company. Explain what stage of the product life cycle your chosen product is in and justify your response.
- Describe the main features of the product’s packaging and analyze the purpose of the packaging features identified.
- Analyze the potential positive and negative influence of the product’s packaging on consumers purchasing decision.
- Describe what you perceive to be the company’s pricing strategies for the product. Justify your response.
- Explain the advantages and disadvantages of the pricing strategy the company is utilizing. Is the pricing strategy appropriate for where the product is in the product life cycle? Why or why not? How would you change or modify the current pricing strategy?