Product Life Cycle

Q1: Discuss the Product Life Cycle as it relates to both sales and profits. Give an example and discuss a product that might take 3-5 years to fully complete the product life-cycle. Give an example and discuss a product that might take less than 12 months to fully complete the product life-cycle. How can one relaunch a declining product back to the very start of the a new Product Life Cycle? Discuss the 4 marketing objectives that we find at each of the 4 phases of the Product Life Cycle. (40 points)

Q2: Understanding how to develop a proper Marketing Strategy and its related Marketing Tactics is crucial. Develop 5 different buyer/consumer segments for Holiday Inn in Ontario for May-June 2021. Assume that the COVID pandemic has now relatively ceased and operations are “back to normal'”. . Ensure that each segment is described with at least 5 different variables. Based upon these, target the best 3 segments you have identified. Why did you choose these 3 segments? Based upon these, choose positioning for these three segments. Based upon these three targeted segments, develop your marketing tactics (price/place/promotion/product) accordingly. (40 points)

Q3: What 5 major learnings were new to you in this course? How have you now understood them? Why does this matter to you? How might this help you in future courses and in your career? (20 points)

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