You have recently joined as marketing manager for a company that has been marketing a branded product X* for the past 10-20 years. The product has now reached its maturity and its sales have been stabilized. The management is worried that the sales soon will start declining for this product. Before that happen, it wants to prepare with its next plan of action. The management is thinking about either reviving the product or introducing a new one in the same line. The management has asked you for ideas and suggestions regarding the future of X. How will you go about that? Will you revive? Will you innovate and introduce a new product in the same line? This is your chance to prove yourself at your first assignment in the company. Draw up a marketing plan for X.
There are three phases in this project
I. Generate a Research Proposal
II. Collect and Analysis Data
III. Formulate a Marketing Plan and Present a Report
All the products will have to go through the various stages of the product life cycle. As product X did, it hence attained its maturity phase. It is at this stage that the product achieved most profit generation for the company. The sales rates of product X are now at a slower pace. At this stage the primary goal for the corporation will be maintaining of the market share that has been achieved in the target market environment and the extension of the product's shelf life. In this case, an innovation of the product X will be the best decision since it will ensure the client base of the product are increased (Marketing Plan, 2012).
Phase1: Generating a Research Proposal:
By virtue that the product has been marketed for years ranging from 10-20, the brand awareness rates are very high and hence it will be paramount that the innovations are made on the product X that is already in existence rather than the introduction of a totally new commodity in the same line. This act will ensure that the original clients of the product are maintained as well the attaining of new consumers in the company. In the creation of this research proposal for the company the following are the variables that should be considered:
Research Title: Innovations on Product X
Description of the Issues: The organization is experiencing a lot of changes in this financial year and one of the major products for the company has reached its maturity stage. It is the quest of reviving the sales levels of the product X that this research will be undertaken to gather information from all the public of the company on the modes that should be selected to improve product X (The Product, 2010).
Purpose for the Research Project: It is through this research that the company will be able to know the areas of product X that need to be ...
The expert draws up a marketing plan for X. The project phase is determined.