5:04Learning Activity-Marketing 2150 Spring 2020Chapter 8-New Product DevelopmentThe Product Life CycleIn this learning activity, we will develop skills related to explaining the concept of the product life cycle andthe elements involved in each stage. The product life cycle describes the stages a new product goes throughin the marketplace; introduction, growth, maturity, and decline. The shape of the product life cycle isinfluenced by consumer demand, competition, and economic, legislative and technological factors.Name 4 products (goods, services or ideas) from your home or purchasing history in each phase of theProduct Life Cycle. For example, fully autonomous vehicles might be in the introductory phase, but wallmounted telephones might be in the decline phase.learn.mru.ca - PrivateA. Introduction StageThe introduction stage of the product life cycle occurs when a product is first introduced to its intendedtarget market. During this period, sales grow slowly, and profit is minimal. The marketing objective is tocreate consumer awareness and stimulate trial. Companies often spend heavily on advertising and otherpromotion tools to build awareness. Gaining distribution can be a challenge because channel intermediariesmay hesitate to carry the new product.5 Introduction StageProducts:B. Growth StageThe second stage of the product life cycle, growth, is characterized by increased competition and a rapidincrease in sales. Profits peaks during the growth stage as a result of economies of scale and increaseddemand. Product and promotional efforts focus on brand and product differentiation. Distribution levels tendto increase.5 Growth StageProducts:C. Maturity StageThe maturity stage is characterized by a slow-down in the growth rate and an increased focus on pricecompetition to differentiate products in the market. Promotional efforts focus on price. Distribution levelstend to be saturated. Weaker competitors begin to leave the market.Learning Activity-Marketing 2150 Spring 2020Chapter 8- New Product Development5 MaturityStage Products:D. Decline StageDuring the decline stage category sales begin to decline and many competitors fall out of the market. There isvery little promotional support other than price discounts.5 DeclineStage Products: Learning Activity - Marketing 2150 Spring 2020Chapter 10 - DistributionThe Smart WayIn this learning activity, we will develop skills related to discussing supply chain and logistics managementand how they relate to marketing strategy. A supply chain is a series of firms that perform activitiesrequired to create and deliver a good or service to consumers or industrial users. It differs from a marketingchannel in terms of the firms involved. A supply chain includes suppliers who provide raw material inputs toa manufacturer as well as the wholesalers and retailers who deliver finished goods. The goals to be achievedby a firm's marketing strategy determine whether its supply chain needs to be more responsive or efficient inmeeting customer requirements.Use the following mini-case study to answer the supply chain questions below.For decades, the impact of vehicle emissions on our environment has been a concern. Many businesses haveused the reduction of greenhouse emissions in their business as a key focus of their corporate socialresponsibility. In 2013, the SmartWay program was introduced in Canada. Natural Resources Canada andSupply Chain & Logistics Association Canada partnered to bring this program across the border from the U.S.The U.S. Environmental Protection Agency originally launched the program, which shares industry bestpractices on supply chain transportation with its members.The SmartWay program boasts a tool that allows its members to benchmark supply chain fleets. It thenmeasures its progress with respect to various emissions categories. This year-over-year analysis providesfeedback to transportation companies and elicits accountability of each company's carbon footprint. Now,program members that can potentially have a negative impact on our environment can work together tocreate a greener process within the supply chain.The SmartWay Transport Partnership helps improve environmental performance each year. The tools offeredhelp truck carriers to benchmark operations and track fuel consumption. SmartWay helps its partners to findSmartWay shippers, reduce operating costs, and reduce their companies' carbon footprint. By joiningSmartWay as a SmartWay Partner, organizations send a message to stakeholders that their company iscommitted to clean freight.The SmartWay program boasts a tool that allows its members to benchmark supply chain fleets. It thenmeasures its progress with respect to various emissions categories. This year-over-year analysis providesfeedback to transportation companies and elicits accountability of each company's carbon footprint. Now,program members that can potentially have a negative impact on our environment can work together tocreate greener process within the supply chain.Questions1. What are the main benefits that organizations receive from being members of SmartWay?2. What is the impact of the SmartWay program on the supply chain?3. How can SmarktWay partners influence other companies to become SmartWay partners?4. What Canadian companies do you believe need to join SmartWay if they have not already?

Question

Accepted Answer

Like humans the products also follow a pattern/life cycle at the end of which they become obsolete.