Final Project Marketing

Paper details:
MARK1036
Term Project
15% of Final – Due April 15th, 2016

In marketing class, there has been discussion of the life of products in the marketplace. More specifically, we as marketers refer to the product life cycle to generally categorize and identify the four main stages a product passes through in its “life”.

Imagine you are a skilled marketer whose job is to find a product that is near the end of its life cycle. Your skills will help you devise a plan to re-introduce this product in a way that will either prolong its “life” or at the very least, generate an increase in quantity sold.

The product must be a tangible good; not a service or idea.

In essence you are creating a marketing plan. A marketing plan should clearly identify your target market. Include characteristics of the target market such as trends and preferences as well as statistical information such as age, gender, income and education. The plan should also include price points for your product. Where are you going to sell your product and why? Are you going to offer any value added benefits? What types of services can be included with your product? For example, you may want to offer a product that also has a 24 hour help-line that customers can call if they have questions or concerns. Also, what channels will be used to distribute and sell your product and why? Will there need to be any efforts made in the area of social responsibility? Could you use social responsibility efforts in your marketing efforts? Explain.

Be sure to pick a product that will stand a chance at rebirth. There is no point in re-introducing a product that has already been replaced by some other product that works better. As an example, re-introducing 8-track tapes is probably pointless since 8-tracks have since been replaced with much better forms of sound storage like the Compact Disc and MP3. So re-market a product that can be re-marketed!

It is possible to modify the product slightly to suit current market trends. Remember that changes cost money. In your plan, be sure to include some idea of the cost of changes (if any). This means you will have to figure out how much your product’s marketing plan will actually cost. Educated estimates are sufficient for this. Estimates of marketing costs are readily available through most internet searches.

The project must be a minimum of 5 pages in length not including cover and reference pages. Double spaced, Times New Roman with a font size of 12. All projects must be typed, stapled and handed in by 5 p.m. on the due date specified. Late projects will receive a late penalty of 5% per day including weekends up to a maximum of five days. After five days, the project will receive a mark of zero.