For this activity, you will focus on the 4 Ps/7 Ps and the product life cycle. Use your template that you found in the assignment, M2A2 Marketing Plan: Find Your Marketing Plan Template, for the rest of your marketing plan assignments. In this module, you will focus on the marketing mix and PLC. Select a product or service of your choice.
You will begin to apply the 4 Ps/7 Ps to a product or service to determine the influence of the 4 Ps/7 Ps – positive, negative, or both. Remember that when there is a negative influence, you need to make recommendations to mitigate negative influences, which could mitigate weaknesses as well. Use the questions within each circle of the 4Ps Marketing Mix Example and the 7Ps Marketing Mix Example to do a “deep dive” for your product or service. Apply critical thinking to go past the surface and delve deeper. Look at various angles of each “P”; examine the influence of each – is it effective or ineffective? Why?
Your next task for this section of your marketing plan is to determine what stage of the PLC your product or service is in. Provide an in-depth analysis for your product or service in the PLC. Consider where it is now in the cycle and why it is in the stage it is in. How did it proceed through the previous stage, if it is past launch? Was it too quick or too slow?
Select a product or service to use for your marketing plan. After receiving feedback from your instructor, revise your marketing plan before submitting the completed plan in Module 8.
Using the template you chose in Module 2, update your marketing plan and complete the following.
Explain the ways each of the 4 Ps/7 Ps you studied in this module are affecting your product or service.
1. Identify your product or service.
2. Provide at least two reasons why your product or service example exhibits effective or ineffective influences of the 4 Ps/7 Ps.
3. If the marketing mix has an effective influence on your product or service, explain why it should continue with the current marketing mix, or if it should adjust and why.
4. If the marketing mix has an ineffective influence on your product or service, provide at least two recommendations to make it effective.
5. Justify your response with critical thinking and application of course material.
Consider the PLC of your product or service:
1. Identify its current PLC stage.
2. Include at least two explanations of why it is in that stage.
3. Include at least two recommendations for the product or service to advance to the next stage.
4. If the product or service is declining, should it be saved (extension strategy) or should it be allowed to die out? Why or why not?
5. Apply critical thinking to justify your analysis of the product or service and its PLC.
Things to Remember!
- The template itself will not be in APA format, but a professional document.
- Use the formatting of the template you found in Module 2 that has been approved by your instructor.
- The number of pages will vary based on the template but at a bare minimum, your completed marketing plan will need to be at least 7 pages.
- Submit the template in Assignments for grading.
Compose your work using a word processor (or other software as appropriate) and save it frequently to your computer. Be sure to check your work and correct any spelling or grammatical errors before you upload it. When you are ready to submit your work, click “Browse My Computer” and find your file. Once you have located your file, click “Open” and, if successful, the file name will appear under the Attached files heading. Scroll to the bottom of the page and click “Submit.”
This activity will count as 5% of your grade and will be assessed according to the SBT The 4P’s Marketing Plan Rubric.