Module 2 Assignment 2: Product Life Cycle

Overview:

For this assignment, we will focus on the Product Life Cycle and make connections to the product you've been working with in Assignment 1. You will create a visual deliverable of your choice to communicate this information. Please follow the instructions below.

Instructions:

In Module 2, we learned that all products go through a Product Life Cycle, and that marketing decisions are influenced by which stage the product is in.

1. Create a visual deliverable of your choice (infographic, PowerPoint, video, etc.) which communicates the information below.
   1. What is the Product Life Cycle? What value is this to marketers?
   2. Explain the four stages of the product life cycle.
   3. Describe how which stage of the product life cycle a product is in influences a firm's decisions relating to:
      • Product
      • Price
      • Promotion
      • Place (Distribution)
2. Prepare a brief written document (less than a page) which reflects upon the product you discussed in Module 2 Assignment 1:
   • Which stage of the product life cycle do you think your selected product is currently in? Explain why.
   • How can marketers extend the life of their product beyond its current stage? What specifically should they consider doing when it comes to product, price, promotion, and place?