You will begin to apply the 4 Ps/7 Ps to a product or service to determine the influence of the 4 Ps/7 Ps positive, negative, or both. Remember that when there is a negative influence, you need to make recommendations to mitigate negative influences, which could mitigate weaknesses as well. Use the questions within each circle of the 4Ps Marketing Mix Example and the 7Ps Marketing Mix Example to do a deep dive for your product or service. Apply critical thinking to go past the surface and delve deeper. Look at various angles of each P; examine the influence of each is it effective or ineffective? Why?
Your next task for this section of your marketing plan is to determine what stage of the PLC your product or service is in. Provide an in-depth analysis for your product or service in the PLC. Consider where it is now in the cycle and why it is in the stage it is in. How did it proceed through the previous stage, if it is past launch? Was it too quick or too slow?
Select a product or service to use for your marketing plan. After receiving feedback from your instructor, revise your marketing plan before submitting the completed plan in Module 8.
Using the template you chose in Module 2, update your marketing plan and complete the following.
Explain the ways each of the 4 Ps/7 Ps you studied in this module are affecting your product or service.
1. Identify your product or service.
2. Provide at least two reasons why your product or service example exhibits effective or ineffective influences of the 4 Ps/7 Ps.
3. If the marketing mix has an effective influence on your product or service, explain why it should continue with the current marketing mix, or if it should adjust and why.
4. If the marketing mix has an ineffective influence on your product or service, provide at least two recommendations to make it effective.
5. Justify your response with critical thinking and application of course material.
Consider the PLC of your product or service:
1. Identify its current PLC stage.
2. Include at least two explanations of why it is in that stage.
3. Include at least two recommendations for the product or service to advance to the next stage.
4. If the product or service is declining, should it be saved (extension strategy) or should it be allowed to die out? Why or why not?
5. Apply critical thinking to justify your analysis of the product or service and its PLC.
Things to Remember! The template itself will not be in APA format, but a professional document.. Use the formatting of the template you found in Module 2 that has been approved by your instructor..
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