Define and discuss the product life cycle and how this might affect our new product development plannin you explain a product’s life cycle? As you reflect on the cycle, select a product you personally use and explain how the life cycle affects the development of a new (revised) version of the product for a different market segment and why?
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Define and discuss the product life cycle and how this might affect our new product development plannin you explain a product’s life cycle? As you reflect on the cycle, select a product you personally use and explain how the life cycle affects the development of a new (revised) version of the product for a different market segment and why?
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- Select a product and based on knowledge of the product life cycle, what types of changes will occur to that product as it continues through the product life cycle? How will this affect the marketing of the product?Description of the Product: What exactly is the product? What are the features and how do these benefit consumers? Target Market for the Product: Which group of consumers is the product targeted to? Brief Overview of the Marketing Mix for the Product. This should be a concise description of how you will address product features, distribution, promotion, and pricing for the product.Discuss What is conjoint analysis? Explain its relevance for new product development.
- How does knowing the threats in the market help in the development of the product portfolio?How does a product manager effectively manage a product's life cycle, and what does "creating a new situation" mean in managing a product's life cycle?Based in the product lifecycle, give some ideas/strategies on how the product could have improve to be able to survive in the market.
- Select a product you are familiar with. Based on your knowledge of the product life cycle, what types of changes will occur to your selected product as it continues through the product life cycle? How will this affect the marketing of your selected product?Discuss two societal considerations for product development.How can a firm use customer feedback to inform about the product modification decisions, and what methods should a firm use to collect feedback?