14 Aug My initial response.Discussion Board Unit 1Jordana ClementJune 12, 2015MKT640Deb

My initial response.Discussion Board Unit 1Jordana ClementJune 12, 2015MKT640Debra HunterAnalyze the appropriate marketing strategies to apply at each stage of the product life cycle.The product life cycle has four stages: The first stage is called Introduction stage is the launchesof the new product, develop the market for the products, build brand awareness or advertise, andTarget Marketing. The second stage is called Growth stage focus on market shares growing;awareness of quality must be a communication message, and as product demands grow andstabilize pricing in the market. The third stage is called Mature stage when the competitors havecaught up to you and your product, define what is unique about your product by using productpositioning, and as well develop alternative competitive strategy to keep up with the demands.The fourth stage is called Declining stage the product has become a commodity and thecompetition is fierce and you can only continue to win you have to lower the cost for theconsumers to keep buying the product and look for ways to improve or change product.Developing a marketing strategy involves a series of steps including the following:Identification of the target market in which the marketing manager ensures that he or she hasdefined who and what the target market is. Developing an understanding of the product orservice being offered, where the marketing manager seeks to understand the product and servicesbeing offered to the target market, from the perspective of that target market. Understanding thetype of customer being targeted, where the marketing manager identifies the type of customer theproduct or service is being aimed at (e.g., is the target market comprised of individual consumersor other businesses)Interpret the challenges a company faces in developing new products in today’s global economy.The challenges that company face today would be the competition that like to copy an idea inthen make one little change and call it a new product. For example with the cell phonecompanies like Apple and Samsung both have a new product and competition with each other toget the consumer to purchase their product. In each company allegedly just add a new feature tothe cellphone and say that it a new cellphone. In also car companies allegedly add new featuresto car and say that it a new car.Reference:Voice Marketing Inc.(2015) Retrieved 6/11/2015; 4:31pm:http://www.more-for-small-business.com/product-life-cycle.htmlSecond DiscussionUnit 1 Discussion BoardMKT640AIU OnlineDebra HunterDescribe the key factors, such as demographic, economic, natural, technological, political, andcultural developments, that affect marketing strategies.Demographic strategies deal with different characteristics such as gender, ethnicity, income, age,and education. Economic strategies always have an impact on marketing whether it is weak orstrong. Basic on the poor economy it could affect the company negatively. For some business adecline can be benefit them for certain products. Example would be discounted store includesdollar tree, warehouse clubs just to name a few. Technological has the greatest change becausethe birth of the Internet as well equipment to keep up to date. Organization view new technologyas either disruptive or enabling depending on the way organization responds to the change.Political has the power to make or break businesses. Some leaders can pass laws in areas forexample like privacy, product safety, environmental standards and product quality.Unquestionable political leaders may favor established industries over others and also providefunding for the industry while hurting others business. Culture is more complex because somecompanies have to face global culture too. Businesses have to make sure product, services andbranding reflects the merging social and cultural beliefs of the target market. Natural strategiesthat I research were would be going green. Example would be saving tree and less paper to dealwaste. As well manufacturing businesses have resorted to using lead free solder to avoid toxicworking environment. As well I research car business are incorporated special emissions systemto avoid global warming.Assess the major influences in current consumer and organizational buying decisions.The major influences in current consumer and organizational buying is cultural, social, personal,and psychological. The cultural factors include the consumer’s culture and inherent in our valuesand decision process. The social factors include group, family, status and roles. As well socialfactor explains the outside influences of others on buying decisions. The personal factors includedifferent variables as age and lifecycle stage, occupation, economic circumstance lifestyle,personality and self-concept. That could explain why our preferences often changes as oursituation changes. The psychological factors affect our purchase decision by motivation,perception, learning, beliefs and attitudes.The consumers go through five stages to buying a product the first stage is problem recognition.The second stage is information search. The third stage is evaluation of alternatives. The fourthstage is purchase decision. The fifth stage is post purchase behavior.Analyze the appropriate marketing strategies to apply at each stage of the product life cycle.The product life cycle has four stages: The first stage is called Introduction stage is the launchesof the new product, develop the market for the products, build brand awareness or advertise, andTarget Marketing. The second stage is called Growth stage focus on market shares growing;awareness of quality must be a communication message, and as product demands grow andstabilize pricing in the market. The third stage is called Mature stage when the competitors havecaught up to you and your product, define what is unique about your product by using productpositioning, and as well develop alternative competitive strategy to keep up with the demands.The fourth stage is called Declining stage the product has become a commodity and thecompetition is fierce and you can only continue to win you have to lower the cost for theconsumers to keep buying the product and look for ways to improve or change product.Developing a marketing strategy involves a series of steps including the following:Identify the target market in which the marketing manager ensures that he or she has definedwho and what the target market is. Developing an understanding of the product or service beingoffered, where the marketing manager seeks to understand the product and services being offeredto the target market, from the perspective of that target market. Understanding the type ofcustomer being targeted, where the marketing manager identifies the type of customer theproduct or service is being aimed at (e.g., is the target market comprised of individual consumersor other businesses)Interpret the challenges a company faces in developing new products in today’s global economy.The challenges that company face today would be the competition that like to copy an idea inthen make one little change and call it a new product. For example with the cell phonecompanies like Apple and Samsung both have a new product and competition with each other toget the consumer to purchase their product. In each company allegedly just add a new feature tothe cellphone and say that it a new cellphone. In also car companies allegedly add new featuresto car and say that it a new car.Construct a strategic marketing plan.The right market plan identifies everything. By using these question; who your target customersare to, how you will reach them and how you will retain your customers so they will be repeatbuyer from you. A marketing plan is a roadmap you follow to dramatically improve yourorganization. Start off with Executive Summary, Target customers, Unique Selling Proposition(USP), Pricing and Positioning Strategy, Distribution Plan, Your Offers, Marketing Materials,Promotions Strategy, Online Marketing Strategy, Conversion Strategy, Joint Ventures andPartnership, Referral Strategy, Strategy for Increasing Transaction Prices, Retention Strategy, andFinancial Projections.Apply critical thinking skills to analyze business situations.There are five different types of thinking. Recently, most leaders could get by with criticalthinking. In today fast pace world, conceptual, innovative and intuitive thinking have becomeincreasingly important, especially in businesses that have obsessive change represents the rulerather than the exceptionDiscuss the opportunities provided by technology for businesses.Technology is often the best way to drive advantage over the competitors. The use of socialmedia is a plus for today businesses. Examples of social media that businesses would mostly beused are Facebook, Twitter, and LinkedIn. Another idea that companies can use is to adoptstreamline for their company too for example Quick Book, online catalog if needed, call center.Should also use online customer relationship management (CRM) to have a personalizeexperience with customers. Try to use the Internet to Finance your business as well. Example ofusing the Internet to finance your business would be to sell small amounts of equity to manyinvestors over the Internet. Another good technology would be to create a mobile application forcustomers to use on their smartphone and tablets too.

Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.