Assignment #3- Product Life Cycle

docx

School

Lambton College *

*We aren’t endorsed by this school

Course

6113

Subject

Marketing

Date

Feb 20, 2024

Type

docx

Pages

Uploaded by ChiefRiverDonkey26

MKT 6113 Assignment #3- Product Management Group Members who participated Group 5 Instructions:  This assignment is worth 2.5% of your grade.  Assignments are to be completed IN CLASS in assigned Case Study groups.  Each group will be assigned a different product to analyze (see below) Product Category by Group Number Group 1- Car Rental Companies- Enterprise Rental Group 2- Printer- HP Deskjet Group 3- Digital Thermostats- Google Nest Group 4- Food Delivery Services - HelloFresh Group 5- Video Streaming Services- Netflix Group 6- Gaming Console- Nintendo Switch Group 7- Energy Bars- Kind Protein Group 8- Electric Vehicles- Tesla Group 9- Smartwatches- Apple Watch ___________________________________________________________

Question #1 Create a “level of attributes” diagram for your assigned product/service. Include its core benefit, expected attributes ( minimum 3 ), and add-on attributes ( minimum 2 ). Behind the Scenes and Bonus Content Download Option Kids Mode Flexibility to use same account in different device Subtitles for Non-English Movies Original Content Only Regular New Series or Movies High Quality Video Streaming

Question #2 Of the product categories we learned in class, describe what category your product/service fits into: Convenience, Shopping, Speciality and Unsought. Be sure to explain why you classified it in this way using terminology from the chapter. Netflix is considered as a Convenience Product because of the following reasons: Convenience products - Easy access to different videos - Affordable price - Purchased frequently as a monthly subscription. - No extensive research is made while purchasing the subscription. Question #3 What stage of the Product Life Cycle do you think your product/service category is currently in: Product Development, Introduction, Growth, Maturity or Decline. Be sure to provide rationale to back up your decision. Netflix is now on maturity stage as of now.  Netflix has set its global footprint with hundreds of millions of customers and is now maintaining its brand awareness and loyalty by increasing content quality, personalization, pricing strategy and partnership and integration.  The rate of customer acquisition tends to slow down which tells us that it's at a maturity stage of product cycle. It is making efforts to increase customers by traditional advertising, social media and influential partnerships.  Due to higher competition Netflix is adjusting the prices of its products giving more reminder ads.  Netflix do have a lot of loyal customers which is one of the main characteristics of maturity stage.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Question #4 Using the Product Life Cycle stage selected above, analyze Figure 6.3.3. from your Courseware seen below. Describe whether you think the brand’s current marketing activities align with the desired ‘Marketing Objective’ and ‘Promotions Strategy’ based on their stage in the PLC. Be sure to provide rationale/examples to support your findings . Note: you will likely need to visit their webpage and social media sites to find examples of their current marketing communications and promotional strategies. Netflix's marketing activities have evolved across the product life cycle. In the introduction stage, they focused on creating brand awareness and acquiring subscribers, largely through original content creation. During the growth stage, they expanded internationally and established partnerships. In the maturity stage, their focus shifted to personalization and customer retention through data analytics and exclusive content. Their marketing objectives and strategies adapted to the changing landscape of the streaming industry, emphasizing subscriber growth initially and then shifting towards customer loyalty and differentiation. Netflix continually adapts its marketing to remain competitive in this dynamic industry. Netflix is using customer segmentation, content diversity, loyalty programs, collaboration and

partnership and personalization, competitive pricing as their new marketing strategy at maturity stage.

Related Documents

MK160 Portfolio Project Part 2 (1).docx

Reed case memo .docx

Wk 3- Marketing Research.docx

FINAL EXAM MKT 321r.docx

Personal Branding Marketing Assessment.docx

D Marks MGMT 311 Module 9 Marketing Plan.docx

Assignment #5_SEO.docx

Quiz_ Pre-test #12_ Product Strategy, Part III.pdf

Unit_1_&_2_Marketing_Assignment_Olsen.docx

4-1 Final Project Milestone One Environment Assessment (2).docx

Class Exercise - Global Entry Strategies.docx

International Marketing Plan-DULCE.docx

Recommended textbooks for you

Management, Loose-Leaf Version

Management

ISBN:9781305969308

Author:Richard L. Daft

Publisher:South-Western College Pub

Practical Management Science

Operations Management

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:Cengage,

Purchasing and Supply Chain Management

Operations Management

ISBN:9781285869681

Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:Cengage Learning

Foundations of Business (MindTap Course List)

Marketing

ISBN:9781337386920

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:Cengage Learning

Foundations of Business - Standalone book (MindTa...

Marketing

ISBN:9781285193946

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:Cengage Learning

SEE MORE TEXTBOOKS

Recommended textbooks for you

Management, Loose-Leaf Version
Management
ISBN:9781305969308
Author:Richard L. Daft
Publisher:South-Western College Pub
Practical Management Science
Operations Management
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:Cengage,
Purchasing and Supply Chain Management
Operations Management
ISBN:9781285869681
Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:Cengage Learning
Foundations of Business (MindTap Course List)
Marketing
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning
Foundations of Business - Standalone book (MindTa...
Marketing
ISBN:9781285193946
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning