Promotion and the Product Life Cycle.docx Promotion and the Product Life Cycle MKT/571

Promotion and the Product Life Cycle.docx    Promotion and the Product Life Cycle  MKT/571: Marketing  Promotion and Product Life Cycle  Nike, Inc. has a product strategy that is the foundation for the company™s product lifestyle of its products and services.  CEOs and CFOs adjust product development and adjustment according to their target audience.  The focus is on product and consumer characteristics that are necessary to achieve success.  Marketing planning begins with formulating an offering to meet target customers™ needs or wants (Keller, 2016).    Nike, Inc.™s promotional product strategy is designed to advise, convince, and get the target audience the information about the products and services that they provide.  Its purpose is to develop original demand.   It can also help the company provide the exact company data, convert its products, grow sales, as well as stabilize sales.   Product Life Cycle  The first stage of the product life cycle is the new product development (NPI).   According to Project Management (2019) New Product Development (NPD) and NPI is the process of bringing a product or service from inception to market. It is the stage that is more costly for a business when introducing a new product or service, but this stage also helps incorporate the right resources at the appropriate time.  Introduction of new products that consumers want requires correct and thorough information, time, and dedicated resources from the entire organization (Quality-One International, 2015). Nike, Inc.™s NPI i