Find a specific or generic product and trace its development through at least the first three stages of the product life cycle.© BrainMass Inc. brainmass.com October 16, 2018, 7:57 pm ad1c9bdddf
The product, a new concept in footwear, has a huge product market in that everyone needs and uses footwear. The product, however, is not designed to benefit this entire market group. The heated footwear product is intended to ease discomfort caused by foot related problems and injuries, therefore the product market can be segmented into two parts, initially: people with foot discomfort and people without foot discomfort.
Once the initial segmentation is identified, it is then a matter of identifying target groups within the segment of people with foot discomfort. The following is a list of groups within this segment:
? People who work on their feet all day such as nurses and food service workers
? People with foot injuries which can be eased with heat treatments
? Elderly people with arthritis or other foot problems
? Pregnant women with swelling and foot fatigue
? Athletes and sports enthusiasts
? People who would use the product for cold weather activities such as skiing and camping, or live in cold weather areas
Each segment represents a target group within the product market. Each segment group has unique needs and attributes, so a different marketing strategy will be required for each.
Identifying Our Target
Our product is footwear which will come in various styles that can ease the tension, fatigue, pain, and just overall discomfort of certain people who suffer from problem feet, spend hours on their feet, and are required to perform various activities on their feet throughout their lives. This footwear will benefit the elderly, nurses, doctors, store clerks, athletes, sales people, and many others. This footwear will basically ...
The solution traces the development of a product through its lifecycle.
Analysis of Product Cycle
Identify a product or service and identify its current stage in the product life cycle (Introduction, Growth, Maturation or Decline). Explain how you arrived at your conclusion regarding where this product/service lies on the PLC. Do any elements of the marketing mix provide clues regarding where this product/service is in its evolution?
Identify a product or service that has failed during the last ten years. Describe which element or elements of the marketing mix (product, price, place or promotion) you believe caused this failure. Could the product or service have been saved? If no, why not? If yes, how?