Managing Your Product/Service Marketing Mix Through the Product Life Cycle

In Chapter 9, we learned about the importance of managing the marketing mix strategies throughout the life cycle of your product or service. The product life cycle is a useful way to explain how the markets response to a product and marketing activities change over the life of a product. In Chapter 8, we talked about how marketers introduce new products, but the launch is only the beginning. Product marketing strategies must evolve and change as they continue through the product life cycle.

For this assignment, use the same product or service that you chose for your Marketing Project Part 1.

Your Assignment

1. Watch the video below about the product life cycle.

https://www.youtube.com/watch?v=wYeXCeBZhjE&t=2s

2. Describe your product/service from your Marketing Project Part 1. Provide some detail as to the name and what it does, how it is used, etc.

3. Using your product, list the possible marketing mix strategies for each product/service characteristic throughout each stage of the product life cycle.

4. After listing each marketing mix strategy, discuss your strategy action. Be specificdo not write in generalities. For example: If speaking about a new soft drink in the introductory stage; a goal might be to get as many consumers as possible to try the new soft drink. How would you make this happen? All strategy actions should be discussed about your product/service. Use the worksheet provided below.

Marketing Project Part 1

Fit Planner

Our product is a brand-new mobile app called "FitPlanner" made for fitness enthusiasts who want to effectively plan and monitor their fitness goals. Workout schedules, meal plans, and progress tracking can all be handled by FitPlanner in one place. The app allows users to personalize their exercise regimens in accordance with their fitness objectives and preferences, offers individualized meal plans and nutrition guidance, and keeps tabs on their development using fitness statistics, workout logs, and progress photos.

For those who enjoy working out, FitPlanner's many features can be extremely useful. FitPlanner's main attributes and advantages consist of: Fitness goals, preferences, and equipment availability can all be taken into account when creating a user's custom workout schedule. Users can accomplish their fitness goals more quickly thanks to this feature. FitPlanner creates customized meal plans for users based on their dietary requirements and preferences.

Users can maintain a balanced diet by using the app's suggested healthy meal options.

Monitoring user progress: FitPlanner keeps track of users' advancements by keeping track of their fitness data, workout logs, and progress photos. With the aid of this feature, users can track their advancement over time and adjust their routines as needed.

Social community: FitPlanner has a social community feature that lets users connect with other fitness enthusiasts, share their progress, and get support and inspiration. Easy navigation and use are made possible by FitPlanner's user-friendly interface. The all-in-one approach FitPlanner offers fitness enthusiasts gives it an edge over rivals.

FitPlanner, in contrast to other fitness apps, offers a complete option for scheduling workouts, preparing meals, and monitoring progress. The app stands out from its rivals thanks to its customization options and tailored nutrition advice. Additionally, FitPlanner's social community function enables users to interact with and solicit support from other fitness enthusiasts.

Using demographic, psychographic, and behavioral data, we evaluated various market segments to segment the market. Among the FitPlanner market segments we identified are:

People who are committed to staying fit and follow a regular exercise regimen are called fitness enthusiasts.

People who are concerned about their health: People who place a high priority on eating well and who want to keep up a balanced diet.

Tech-savvy individuals: People who are at ease with technology and favor mobile applications for tracking their fitness objectives.

Fitness enthusiasts looking for an all-in-one tool for schedule workouts, plan meals, and monitor progress are our target market for FitPlanner. Our target audience is primarily found in urban areas, ranges in age from 18 to 40, and has a higher percentage of female users. Tech-savvy, social media-active, and eager to meet other fitness enthusiasts, our target market is interested in connecting with us.

We segmented the market by evaluating different market segments based on demographics, psychographics, and behavior. The market segments we identified for FitPlanner include:

Fitness enthusiasts: Individuals who are passionate about fitness and have a regular workout routine.

Health-conscious individuals: Individuals who prioritize healthy eating and are interested in maintaining a balanced diet.

Tech-savvy individuals: Individuals who are comfortable using technology and prefer mobile applications for tracking their fitness goals.

Our target market for FitPlanner is fitness enthusiasts who are looking for a comprehensive solution for workout planning, meal planning, and progress tracking. Our target market is aged between 18-40 years, with a higher proportion of female users, and is primarily located in urban areas. Our target market is tech-savvy, active on social media, and is interested in connecting with other fitness enthusiasts.

"The all-in-one solution for managing your fitness goals," is how FitPlanner is positioned by us. Fitness enthusiasts can efficiently accomplish their fitness goals with the help of our app's features and advantages, which are created to offer a complete solution. The app distinguishes itself from the competition with its customization options, tailored nutrition advice, and progress tracking.

FitPlanner has several advantages. Some of them are planning and monitoring of workouts effectively, nutritional guidance and customized meal plans, encouragement from the social community, interface that is simple to use.

FitPlanner comes with several features that offer many benefits for fitness enthusiasts. The key features and benefits of FitPlanner include:

Customizable workout plans: Users can customize their workout plans according to their fitness goals, preferences, and available equipment. This feature helps users to achieve their fitness goals more efficiently.

Personalized meal plans: FitPlanner provides personalized meal plans based on users' nutritional needs and preferences. The app suggests healthy meal options and helps users maintain a balanced diet.

Progress tracking: FitPlanner tracks users' progress by monitoring their fitness statistics, workout logs, and progress photos. This feature helps users to see their progress over time and make necessary adjustments to their routines.

Social community: FitPlanner provides a social community feature that allows users to connect with other fitness enthusiasts, share their progress, and receive support and motivation.

User-friendly interface: FitPlanner has a user-friendly interface that makes it easy to navigate and use.

In conclusion, FitPlanner provides a complete solution for fitness enthusiasts who want to efficiently accomplish their fitness goals. FitPlanner helps users maintain a healthy lifestyle and reach their fitness goals by offering customization options, personalized nutrition advice, an