Assessment 3 Marketing Plan Part B

Assessment 3 Marketing Plan Part B

Section 2 Product

2.1 Product Life Cycle and product strategies (interim submission)

Instructions

Activity Part 1

Illustrate your Brand and Competitors on the Product Life Cycle (PLC):

First, accurately place your brand extension within the appropriate stage of the Product Life Cycle. Then, identify and plot the positions of your brands three most direct competitors within the new product category on the PLC. Lastly, plot the stage of the new product category on the PLC.

Analyse and Discuss the Characteristics of the PLC Stage:

Explain why you have placed your brand, your three competitors, and the product category in the stage(s) on the PLC by identifying and discussing the characteristics appropriate to the stage. For your brand only, discuss the various characteristics, including sales, costs, profits, customers, and competitors, to substantiate why you selected its position on the PLC.

Characteristics Introduction Growth Maturity Decline

Sales Low sales Rapidly rising sales Peak sales Declining sales

Costs High cost per customer Average cost per customer Low cost per customer Low cost per customer

Profits Negative Rising profits High profits Declining profits

Customers Innovators Early adopters Middle majority Laggards

Competitors Few Growing number Stable number beginning to decline Declining number

Visual Representation:

Include the PLC in your report, ensuring that your PLC diagram is clear and accurately represents the location of your brand and its competitors.

Activity Part 2

Strategic Recommendations:

Based on your brands position on the PLC and in comparison, with its competitors, recommend the most appropriate product-focused marketing strategy for your brand. As you have not yet covered pricing, promotion, or distribution strategies, concentrate your recommendations on product development and management. Consider how the products features, variations, and enhancements can be optimised to align with its specific stage in the PLC. For example, if your brand is in the growth stage, you might focus on strategies that further differentiate the product from competitors or expand the product line to meet varying consumer needs.

SUBMISSION INFORMATION

Submit this work no later than 11:59 pm Melbourne time, Friday Week 7.

TO MINIMISE SIMILARITY - DELETE THIS FIRST PAGE AND INSTRUCTION BOX BEFORE SUBMISSION

Student name Tutorial # Student number Tutorial Day & Time Activity Part 1

Note: Apply an x on the sales line, and include the name of the product category, your brand, and the three competitor brands.

Explanation of characteristics and justification

[insert explanation here]

Activity Part 2

Now that you have identified where your brand is situated on the PLC, select from the PLC the appropriate product strategy for your brand and complete your strategic recommendations.

[insert explanation here]