MKT421 University of Phoenix Product Life Cycle Discussion

User Generated

zvqyrgg77

Business Finance

MKT421

University of Phoenix

Description

Scenario: You currently work as the marketing manager of your favorite company/organization and manage the success of one of its products or services. Your responsibility is to monitor the stages of the Product Life Cycle (PLC) and adjust the marketing strategies as needed for your product so that it can thrive for as long as possible. At each stage, you assess changes in the target market, determine changes that you need to make to the product or price strategy, and review the competition and profitability.

Create a 10- to 15-slide (not counting cover slide or reference slide) Microsoft PowerPoint, presentation with speaker's notes that covers the following criteria:

  • Develop a slide that establishes the theme and goals of the presentation.
  • Define and discuss the PLC concept and its importance to marketing managers.
  • Discuss why the PLC is important to marketing managers, and provide examples of the possible implications if the PLC is not monitored.
  • Describe the selected company/organization, product/service, the target market for this product, and how the product/service is presented to the selected target market.
  • Describe how brand equity can be used to create a positive customer image of your product.
  • Describe each stage of the PLC, and analyze the implications that each stage may have on pricing, product definition, competition, and profitability for your selected product/service.

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Explanation & Answer

Hello. Please find the attached file and kindly feel free to ask me incase of any question or enhancement. Thankyou.

1

The Product Life Cycle
(PLC)
Name:
Roll No.:
Faculty:
Date:

The Theme and Goals of the Presentation
The significant theme for the presentation is basically to seek and
highlight the predominant sequence of stages of a product as it
develops from its introduction to its growth, maturity, and finally,
decline (Gorchels, 2000).
Typical goals here involves creating a market for the product,
increasing its market share, maximizing its profitability and
prolonging its life (Joseph and Chris, 2019).

2

The PLC Concept and Its Importance to Marketing Managers
The product life cycle concept is the progression of a product or an
item via the introduction, growth, maturity and decline stages of its
time in the market involved. The concept plays a vital role in
marketing management as its description of the stages involved helps
to define the products that continuously grow over time and those that
rise and fall (tutor2u, 2019).

3

Why the PLC Is Important to Marketing Managers, and Examples
of the Possible Implications if the PLC is Not Monitored
The PLC is important to the marketing managers as it serves as a
tool for:
▪ Forecasting,
▪ Planning,
▪ Control,
▪ Providing marketing programs,
▪ Providing estimates of profits,
▪ Helps in development of new products,
▪ Etc.
(Subjectquery.com, 2019).

4

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Anonymous
Great content here. Definitely a returning customer.

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