LCMB7024 Marketing Management L7 Assessment Component 1

Task Description

One of the most important questions faced by business leaders in the strategic marketing process is the choice of timing to launch new products/technologies and enter new markets. There are two options: to be a pioneer or to be a follower. Both have advantages and risks, and the relative success of each strategy depends on several factors, both internal and external.

Tasks: Answer the following essay questions

• What are the advantages of being a pioneer and a follower company? Provide examples of successful pioneer and follower companies.
• What product life cycle strategies do successful pioneer and follower companies implement to increase growth and maintain a strong competitive advantage? Provide examples of companies to support statements made.

Learning Outcomes

Upon the successful completion of this module, the student should be able to:

• Critically appraise key marketing activities and the contribution of the marketing department to the organisation.
• Anticipate and critically evaluate future developments in the field of marketing, especially through technology