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 for a particular product or service. 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 you to demonstrate an understanding of the factors that can affect the launch of a product or service.

Assignment Steps

Create a product strategy in Microsoft® Word. Complete the following:

· Select a product strategy.

· Address at least three areas of the product life cycle (e.g., NPI, growth, maturity, and decline).

· Discuss two types of media methods you could use to highlight your product or service.

· Determine how you will measure the marketing activities (i.e., what metrics will be used to determine success or failure).

· Address three elements of the following product and promotion list:

· Integrated marketing communication

· Advertising strategy/objectives

· Push and pull

· Media strategy

· Advertising execution

· Direct marketing

· Public relations/strategies

· Positioning