The purpose of this learning challenge is to:
- Examine how the value proposition changes throughout each product life cycle (PLC) stage for one of the target markets previously identified. The PLC stages include:
- Market Introduction
- Maturity, and
- Saturation and Decline.
- Document and share your learning experience by posting a blog entry.
- Learn from your peers regarding how they would develop different value propositions for this product.
Value of this exercise
You have already completed the important groundwork for developing a marketing strategy, including developing a marketing mix, researching customers and the market. Now, it is important to understand how to develop the value proposition for the product throughout each stage of its life cycle. This has real-world implications because it provides important opportunities for competitive differentiation in choosing the appropriate product product benefit / feature set to emphasize to the target market; make choices on pricing the product; choosing effective promotions and optimizing place decisions (i.e., supply chain, distribution channels).