1. Product Service Planning Skills
Advanced Marketing

3. Strategies to Manage Life Cycle
Product Modification:
Changing a product’s characteristics (package, features, appearance, quality)
Companies market this “new” product to increase sales
Market Modification:
Strategy to find new customers
Modify the product to create new target market
Encourage current customers to use the product more
Repositioning:
Change product’s image in relation to competitor’s image
A change in any of the 4 P’s (Marketing Mix)

4. Example

5. Analyze the Life Cycle of Product or Service
Assignment
Analyze the Life Cycle of Product or Service
Work Independently or in groups of 2-3.
Select a product and company
Map-out and analyze the life cycle of that product
Identify and explain the strategy that the company is implementing to keep the product alive.