Marketing can be defined as “putting the right product in the right place, at the right price, at the right time.” It is the process of relaying to customers the reasons why they should choose your company’s product or service over those offered by competitors. There are many types of marketing: print, radio, television advertising, direct mail, and internet marketing. In recent years, social media marketing (Facebook, Twitter, etc.) has become extremely popular (Cleverism, 2018). The main purposes of marketing are to 1) attract the attention of a target market; 2) influence a potential buyer to purchase the product or service; and 3) provide a customer with a specific, low risk and easy to take action (Lake, 2017). Proper marketing is critical to the success of a business. Effective use of marketing strategies and techniques can mean the difference between success and failure for a new product and/or the company itself.
ASSIGNMENT:
Read the following and respond:
What is the product lifecycle?
Describe in detail the four stages.
At what stages of the product life cycle is it most important to inject marketing activity? Explain your answer.
Is it possible to continually extend a brand to increase the life cycle of a product?
Requirements:
Minimum Page Length – 2 full pages (excluding title/header and reference list); 12-point Times New Roman; double spaced; and page numbering.
Be sure to answer the entire question to receive maximum credit for this task.
All sources should be cited in proper APA format (in-text citations and a reference list).
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