Bus3030-u4a1-selina - Product Life Cycle Worksheet For each part of the marketing mix for REI, list PDF

Preview

Summary

Product Life Cycle Worksheet

For each part of the marketing mix for REI, list several marketing tactics that would be used for each stage of the product life cycle...

Description

Product Life Cycle Worksheet For each part of the marketing mix for REI, list several marketing tactics that would be used for each stage of the product life cycle. Several have been started as examples.

Marketing Mix

Product

Place (Distribution)

Introduction

Growth

Maturity

Decline

1. Run Introduction Promotion campaign for hype. 2. Drop/Launch product with special introductory price/rate

1. New product features: colors, styles, accessories are added. 2. Continue with new advertising for growth by expanding into new demographics and markets

1. Differentiate products with competitors 2. Product innovation strengthen brand

1. enhance product to possibly extend product life 2. Adjust production according to market fluctuation

1.Distribution may be limited to Flagship stores as a test. 2. Place in eye catching area /high traffic for maximum exposure (promotional area)

1. Increase number of locations that feature the product 2. Location specific product promotion (flyers,local circular, local television advertising)

1. Re-merchandising around product to retain customer appeal 2.Main price to compete in market and offer sales goals/ contest to employees (drive employees to push product)

1. Distribution is mostly through the outlet stores. 2. Pull from Locations/ channels not producing sales and keep in locations that are producing.

1. Prices start to lower due to competition. 2.Increase or reduce sales if product is in demand

1.Price to match competitors watch competitor pricing 2. Be cautious when setting prices

1.Clearance Pricing in effect. 2. Maintain pricing for loyal customer base

1.Create incentives to push product 2.place emphasis on product differentiation and building loyal brand

1.Lower costs by minimizing product support 2.reinforce/ rebrand product

Price

Promotion

1. Goal of initial promotion is to tell consumers what the new product is and does. 2....