MKT571 Phoenix Product Strategy & Media Methods Paper Purpose of Assignment
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.
Create a minimum 700-word product strategy in Microsoft® Word. Complete the following:
Select a product strategy.
Address at least three areas of the product life cycle (NPI, growth, maturity, and decline).
Create at least two different types of media methods for the product or service. One method must be print and the other must be non-print, both of which highlight your product or service. In your assignment, include 2-3 sentences about each media method (i.e., one paragraph of what you would do, but not how to do it). For example, (this cannot be used in this assignment), a non-print media method would be a Facebook campaign that provides users with a reward for each review (positive or negative) about the use/appearance/price/etc. of the 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
Push and pull
The plan will be a continuation of the global or multi-regional company you chose in Week 1. This will be incorporated into your overall marketing plan for Week 6.
Note: Charts/graphs/tables do not count toward the word count.
Format your assignment according to APA guidelines. Research Marketing
May 13, 2019
TO: Senior Vice President of Marketing Department
FROM: Market Analyst
SUBJECT: Marketing Strategies to Improve Company’s Revenue
This is a report based on analysis conducted Business Growth Overview data that was availed.
The analysis was conducted with the aim of developing favorable marketing strategies for the
company based on the available data.
The data sheet provided showed that the company’s revenue earnings increased in the year 2016
as compared to 2015. The increase can be attributed to the firm’s adoption of favorable strategic
operations. General overview showed that the financial statements showed that the firm’s
revenue had increased in most areas. However, there was also a decrease in revenue in a few
areas. Possible answers would be that the management was unable to access funds at the right
time to enforce the strategic plan.
Domestic revenue in the year 2016 increased by $1,930,466 when compared to the same period
the previous year. Also, expand in the customer rank area registered an increase of $1,282,340 in
the financial year 2016. Commercial customer class had significant revenue improvement of
$1,130,973 in the year 2016.
The positive growth reflected in the company’s financials was due to aggressive marketing by
the company. The firm conducted extensive advertising activities aimed at increasing awareness
in the market.
However, the analysis also revealed that some areas had either dropped or registered minimal
revenues over the period under review. It is essential to ensure that growth is uniform in all
sectors so that the firm does not leave out on some areas. All these areas attributed the slow
growth to lack of enough funds to undertake adequate marketing operations. In this regard, it is
essential that the company provides sufficient funds on a timely basis. This will help avert the
possible negative outcome of losses within the sectors.
Domestic customers are the company’s main asset and thus it is important that the firm ensures it
retains the customers and attracts new ones. This, the company can achieve by increasing
outreach to domestic customers mainly by continually reminding them of the company’s
products and services. To achieve this, the company would need to carry out intensive marketing
campaigns using avenues such as the internet and broadcast media. Additionally, the company
should try and tap the foreign market just like its competitors.
The company needs to focus attention on attracting new customers without losing the current
customer base. To achieve this, the company should develop strategies that promote customer
centricity. Customer-centric practices involve conducting business in a way that puts the
customer at the center of the organization. As such, the firm undertakes all activities with the aim
of creating a positive impact on the customer. This will allow establishing trust and loyalty from
the company’s customer.
The company should also target the expansion of its existing product lines. For instance, the
company can start offering premium products and services to its customers. This will enable the
firm to attract a variety of customer segments. However, the firm needs to recruit new competent
employees with in-depth knowledge.
Facebook is a public limited company with headquarters at Menlo Park California. The company
was founded by Mark Zuckerberg and the other four colleagues in the year 2004. It is an online
platform that mainly deals with social networking activities. It also offers other services such as
product marketing and online communication. The firm has experienced increasing growth in
recent years especially after going public. The secret to Facebook’s growth has been an
aggressive marketing strategy: as long as one has a smartphone device with internet connectivity,
Facebook has their attention.
The company has diversified its services in a move to reach as many customers as possible. Also,
Facebook has continually ensured that all its products are customer oriented driven by values
such as affordability, reliability, and flexibility. The firm uses strategies such as acquisition to
increase its market presence. For instance, the company acquired a controlling interest in the
social networking business Whatsapp Inc. It has also bought shares in PrivateCore, Instagram
and Oculus VR. Facebook continues to grow in many aspects: from 450 employees in 2007, the
company now has hired over 13,000 people.
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