As you now know, understanding where a product is in its life cycle is critical in the process of making decisions about advertising, promotion, product changes or improvements, and new product introduction. Consider products you know. Are these products in the introductory stage of their PLC or more near maturity? What “improvements” have been made to products that are in the later part of their PLC?
Now think about all the brands you know and trust. How did these products build the kinds of reputations they enjoy today? As you are well aware, brands can make purchasing decisions easier and creating a successful brand can go a long way toward the successful introduction of new products under the successful brand banner.
Post by Day 3 a 150- to 250-word response to two of the following:
- Explain the concept of the product life cycle (PLC) and how it impacts the marketing of a product. Select one product or service on which to focus and explain where it is in the PLC. Include the strategic implications of being in this stage of the PLC.
- Explain the concept of branding. Why is branding important for a company?
- Think about a product you like and use on a regular basis and the company that makes the product. What kinds of spinoff products might this company consider producing? What kinds of marketing research could you conduct to determine if this spinoff or expanded product offering may be successful in the marketplace? How can you ensure validity and credibility in your research? How can you ensure that the answers you get from your market research assessments are accurate for guiding your decision? Justify your rationale.
You will respond to the third prompt when responding to a colleague. Be sure to support your work with specific citations from the Learning Resources and any additional sources.
Be sure to support your work with specific citations from the Learning Resources and any additional sources.
Note: Independent research is required for this Discussion.
Read a selection of your colleagues’ postings.
Respond by Day 6 to at least two colleagues who selected the Discussion prompt that you did not select in your original Discussion post. Respond in one or more of the following ways:
- Ask a clarifying question about your colleague’s post.
- Make a suggestion that expands upon your colleague’s post.
- Share an experience or insight related to your colleague’s post.
- Crume, N. (2006). When Philanthropy Isn’t Just About Philanthropy: Cause-Related Marketing & Cause Branding. Retrieved from http://crumeandcompany.com/files/cause_essay.pdf
- Perreault, W. D., Jr., Cannon, J. P., & McCarthy, E. J. (2014). Basic marketing: A marketing strategy planning approach (19th ed.). New York, NY: McGraw-Hill/Irwin.
- Chapter 7, “Improving Decisions with Marketing Information” (pp. 168–195)
- Chapter 8, “Elements of Product Planning for Goods and Services” (pp. 196–223)
- Chapter 9, “Product Management and New-Product Development” (pp. 224–251)
- Kawasaki, G. (n.d.). The art of innovation: The 9 truths. Retrieved July 23, 2014, from http://www.1000advices.com/guru/innovation_art_9truths_gk.html
- Document: Week 3 Assignment Template (Word document)
- Alanis Business Academy. (2012b). Episode 51: The product life cycle [Video file]. Retrieved from https://www.youtube.com/watch?v=ekVereJE1ZI
Note: The approximate length of this media piece is 15 minutes.
- Laureate Education (Producer). (2012). Brands and brand equity [Video file]. Baltimore, MD: Author.
- Norwich Business School. (2011). What is branding? [Video file]. Retrieved from https://www.youtube.com/watch?v=JKIAOZZritk
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