LCBM7024 Marketing Management Assessment 1 brief

Assignment Learning Outcomes

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

Assignment Task

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, the relative success of each strategy depends on several factors, both internal and external. 

• What are the advantages of being a pioneer and 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.