Describe the four stages of the product life cycle

Assignment Help Marketing Management

Reference no: EM133343799

QUESTION 1:

Describe the four stages of the Product Life Cycle (Chp 9). Do IT by:

List each stage of the product life cycle and within each of the stages from introduction to decline, mention at least 2 marketing issues and/or marketing strategies the company/product may experience during a specific stage or may want to

consider implementing in response to the situation the product could be facing - Four stages with 2 marketing issues/strategies noted and explained for each of the four stages.

QUESTION 2:

1. List and describe at least four long-term effects or impacts of the Place/Distribution component that marketing managers must consider, due to the fact that Place decisions can have long-term effects.

NOTES THAT MIGHT HELP WITH QUESTION 2:

Note: for the most part the long-term effects in the Place decisions mentioned here assume there are intermediaries (i.e., retailers, wholesalers), in the distribution channel.

Place/distributions decisions can be harder to change than the other key marketing variables of Product, Promotion, and Price decisions.
It can take longer and cost more to develop effective working relationships with others in the distribution channel.
There are legal contracts with channel partners, and these contracts may limit change.
It is harder/takes more time to move/relocate the physical facilities for retailers and wholesalers.
As a company and/or brand grows/matures, they could need a broader distribution infrastructure and this may mean building/accessing more physical facilities, which takes time and money.
Gaining access to retail shelf space can be a challenge and can involve a great deal of time and effort, particularly for less well know manufacturers or brands.
Place/distribution decisions can require significant investment in facilities, people, and IT, which take time.
Building a website for direct online sales could take an investment in time and money

QUESTION 3:

Listing at least 4 reasons, specific to price, describing why price is an extremely important component of the marketing mix. The price affects what in relation to the company? The price plays what role in relation to the customer?

NOTES THAT MIGHT HELP WITH QUESTION 3:

Price is an extremely important component of the marketing mix because it:

Affects both the volume of sales a company makes and how much money is earned - are significant consequences for the organization
Price is the only P in the 4 P's that relates directly to the generation of revenue, profitability
It can be changed quickly in response to changes in demand or in actions of competitors, price is more flexible than other elements such as the product itself or channel relationships, for example
It affects the positioning/differentiating of the product or where the customer sees the brand in his/her mind, price can be the first factor a customer notices about a product - price creates a first impression, price can be a variable that the customer is likely to compare with the perceived value of the product, a higher price can emphasize quality, the right price can determine success or failure
Price plays a direct role in shaping customer value, it is what the customer must give up to get the benefits offered by product/service

QUESTION 4:

With each of these media types: 1) Paid Media, 2) Owned media, and 3) Earned media.

Define the term
Give several examples of the kinds of messaging/promotion that are included in this media type
Explain who controls the messaging content
Give a positive and a negative aspect of this media type

Reference no: EM133343799

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