Consider a product you own and use regularly today (smart phone, e-reader, power tool, etc.). With the rapid pace of technological change, you may ask yourself how this product will change in 5 or 10 years instead of whether it will change. It may be realistic to wonder if a ubiquitous product of today could be replaced and obsolete in that amount of time. Compare the pace of change to older products such as typewriters, which sold commercially for decades without experiencing much change at all until improvements in computers, word processors, and printers rendered typewriters nearly obsolete. Similarly, services such as milk or ice delivery may have been common at one point in time but no longer exist today. As companies examine their products and services, they need to anticipate the impact of product life cycles. Each stage of the product life cycle (introductory, growth, maturity, and decline) has its unique marketing needs, which require different promotional and pricing strategies.
For this Assignment, you will apply concepts of the product life cycle, branding, pricing tactics, and distribution channel. Consider how products are improved in order to extend their product life cycle. What are some ways to make an existing product more appealing to consumers?
Consider the following scenario:
Generic Electronics is introducing a new electronic device with cutting-edge technology. The managers are expecting the product life cycle, from introduction to decline, will last about 3 years before this device is replaced by a newer version of the technology.
To prepare for this Assignment:
Submit your responses to the following prompts.