Module #3 Essay
Assignment Requirements:
Select a product, which is in the maturity stage of the Product Life Cycle, and make a series of recommendations that will ensure the product’s long term vitality as a business. Your challenge is to extend the life of the product at this stage and prevent it from going into the decline stage. Provide this information in a form of a proposal to your professor.
Steps:
1. Identify a product currently in the maturity phase of the product life cycle.
2. Decide what strategy you will use to either increase the frequency of use, increase the number of users, find new uses, or change the product’s packaging, size, label, or quality. You may use any or all of these strategies.
3. Identify who the target market will be.
4. How will the package be redesigned or repackaged (if necessary)?
5. How do you plan to price and distribute the revised product?
6. How do you plan to promote this newly revised product?
7. Develop your proposal.
EXAMPLES:
1. Arm & Hammer baking soda can be used in the refrigerator as an air freshener and also used in baking (frequency of use and/or new uses).
2. Baby aspirin can be given to adults with heart problems (number of users).
3. Jello Gelatin/Jello pre-mixed four packs (changing package size, label, or product quality).
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