You have recently joined as a marketing manager for a company that has been making a branded product X* for the past 10-20 years. The product has now reached its maturity and its sales have stabilized. The management is worried that the sales will soon start declining for this product. Before that happens, it wants to be prepared with its next plan of action. The management is thinking about either reviving the product or introducing a new one in the same line. The management has asked you for ideas and suggestions regarding the future of X. How will go about doing that? Will you revive X? Will innovate and introduce a new product in the same line? This is your chance to prove yourself at your first assignment in the company. Draw up a marketing plan for X. There are three phases for this project: I. Generate a research proposal Select any product similar to X, which has been in the market for 10-20 years. It has been in the market for a long time now and is just beginning to face flagging demand. *About X: Look around you – there are a variety of branded products that have been around for a long time. You can probably see the same brand of television you used 10 years ago, or the same cake-mix brand you love. However, these products have probably changed since inception to adapt themselves to newer technology and to compete with younger brands. II. Collect and Analyze Data After you have selected your brand X, collect data on sales, market demand, consumer behavior regarding the product, and anything else that you need to analyze in order to plan its future. You may obtain this information from sources such as the Website of the company owning the product. Your product can be anything from an electric bulb to a washing. You may also use databases such as EBSCO Host for your research. Analyze this data and formulate a marketing plan the addresses the