Discussion Week 5 New Product Development and The Product Life Cycle Assignment

Discussion Week 5 New Product Development and The Product Life Cycle - Assignment Example that would initially enhance product awareness and sustain efforts for product recall; and (2) maintaining an effective competitive pricing strategy that would affirm the product’s core competencies and advantage over its competitors through time. An effective and well sustained advertising and promotional campaigns would ensure that the target market would be aptly aware, persuaded to purchase, and affirm loyalty to the product. Likewise, through these efforts, loyal customers would also invite others to purchase the product. On the other hand, maintaining a competitive pricing strategy would assist in confirming that customers would prefer purchasing their product due to other features, in conjunction with their competitive prices, as compared to those charged by competitors. As such, by not pricing the product way above competition or way below, customers would acknowledge preference to their product over their product life cycle. 2. From the e-Activity (Video) located at bottom, imagine you are on the marketing team for the Smart Car Company, which is looking to expand its current automobile offerings. First, propose one (1) possible new product or extension that your team could offer to either Smart Car Company’s existing target or a new target market. Next, formulate one (1) strategy for marketing your product to your selected market. Justify your response by comparing your strategy to the current Smart Car market and the challenges it is strategically facing. A possible new product extension that could be offered to a new target market for the Smart Car Company (Chapter 8: New Products, n.d.) is focusing on offering this to young professionals who are just beginning to exhibit professional growth. Due to the extremely good price which is considerably low, young professionals could be targeted as potential new clients who could easily afford to buy this. After defining this new target market, the strategy to market this product would be designed as