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

Discussion Week 5 tonic Product Development and The Product Life Cycle - identification Examplethat would initially enhance point of intersection awareness and sustain efforts for product recall and (2) maintaining an effective competitive set strategy that would put forward the products core competencies and advantage over its competitors through time. An effective and well sustained advertising and promotional campaigns would ensure that the design 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 validating 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 acknow ledge preference to their product over their product life cycle.2. From the e-Activity (Video) located at bottom, reckon 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 Companys 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 spring chicken 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 a fford to buy this.After defining this new target market, the strategy to market this product would be designed as