Choose a company who was at one time an industry leader but is now currently in the maturity or decline stage of the product life cycle. Analyze the marketing mix for the existing company by answering the questions below. Then develop a marketing strategy to help move back the product on the product life cycle.
- Is the product outdated?
- Who is the intended target market? Is it the best target market?
- What makes the product different than the competition? Who is the direct competition? Indirect?
- Could changes make the product more desirable?
- Is the current packaging appealing?
- What image does the product reflect?
- What is the current price? How does it compare to the competition?
- Does this price reflect the image of the product?
- Where is the product currently marketed?
- Does the image of the place match the image of the product?
- Does the place reach the intended target market?
- What are current and past promotions for this product? What market segment do they appeal to? Are they successful? Why or Why not?
- Describe a new creative promotion to revive product.
After answering the above questions, write out your proposed marketing strategy.