MARKETING:CORE
8th Edition
ISBN: 9781260711455
Author: Kerin
Publisher: RENT MCG
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Question
Chapter 10.2, Problem 10.2LO
Summary Introduction
To determine: The ways of managing the product life cycle by the marketing executives.
Introduction:
A product life cycle defines the progress of a new product over a period of time. This concept includes four stages known as the introduction, growth, maturity and decline.
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Discuss the unique marketing characteristics a product or service requires based on the specific phase of the product life cycle.
How stages of the product life cycle relate to a firm’s marketing objectives and marketing mix actions.
Think about a specific brand that you use and discuss the following:
Identify the branded product and discuss the brands value proposition.
Describe the brand’s current marketing mix (product, place, price and promotion)
How well does the marketing mix reflect, deliver and communicate the brand’s value proposition?
What changes would you recommend to improve the marketing mix and why?
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- Discuss the different types of brands and its importance in marketing?arrow_forwardExplain how marketing managers position products in the marketplace.arrow_forwardUsing an example to illustrate your answer, discuss how and why the product element of the marketing mix should be managed across the FOUR stages of the product life cycle.arrow_forward
- Please share your thoughts and your understanding about the role of the Product life cycle model in Marketing Management? Kindly use your own words. Thank youarrow_forwardDiscuss Why is brand management important for a company's success?arrow_forwardCreate marketing plan for a new product development projectarrow_forward
- Make a simple marketing plan for a product.arrow_forwardWhat are the stages in the life of a product? What is the significance of knowing these stages in terms of marketing effort?arrow_forwardAn effective marketing plan is critical to the success of product and/or service. What are the key components of an effective marketing plan?arrow_forward
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