Mapping the Product Life Cycle (PLC) Presentation, marketing homework help

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Question description

Purpose of Assignment

The Product Life Cycle (PLC) is a vital component of the marketing plan. Monitoring products and services as they flow through this process helps marketing managers adjust their marketing strategies to keep products and services thriving for as long as possible. Monitoring this cycle helps companies and organizations continue to maximize the value of their products and services with their target over time. The purpose of this assignment is to give students the opportunity to understand how each stage in the PLC creates a need for adjustment to marketing strategies and allows students to assess what action(s) need to be taken.

Assignment Steps

Resources: Marketing: Ch. 1: pg. 4-10; Ch. 2: pg.40-46, 54-69; Ch. 11: pg. 292-309

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 to thrive for as long as possible. At each stage, you assess changes you need to make to the product, price strategy, as well as competition and profit.

Create a 10- to 15-slide (not counting cover slide or reference slide) Microsoft® PowerPoint®presentation with speaker's notes (all slides have to have speaker notes and in text citations) covering the following criteria:

  • Develop a slide setting the theme and goals of the presentation.
  • Define and discuss the PLC concept and its importance to marketing managers.
  • Define and discuss what role pricing strategy has in marketing and how marketing mangers decide what strategy to use.
  • Describewhat company/organization and product/service you are using.
  • Create one slide for each of the four stages of the PLC describing the stage and analyzes the implications each stage may have on price strategy, product, competition, and profit for your selected product/service. Use the product/service you selected to illustrate each stage as it is discussed with original examples.
  • Discuss the reasoning behind why the PLC is important to marketing managers and share examples of possible implications if it is not monitored.

Cite a minimum of two peer-reviewed sources with one coming from the textbook or the University Library. Use in-text citations in the presentation slides and speaker's notes to demonstrate your research.

Format your presentation consistent with APA guidelines.

Tutor Answer

lucbrend
School: University of Maryland

final answer.please see the attached file.feel free to seek clarification and adjustments.

PRODUCT LIFE CYCLE
Student’s name
Institution
Date

THEME AND THE GOALS OF THE
PRESENTATION
• The goals of this presentation will be:
• Understanding the product lifecycle and the different components that
make the it
• To understand how managers can use the PLC in the process of developing
their products.
• To develop the necessary awareness on the importance of PLC on the
business practice.
• To critically examine each phase and understand different component
which they are presented by the end of the process.

PLC CONCEPT
• For the success of any business, the term product lifecycle must be real and
taken with the magnitude it requires.
• With this PLC defines the different phases in which the business undergoes in
the process of development (Kubler et al. 2015).
• It explains the models which the business should keep to succeed.
• Each phase has unique features which must be understood in the business
conformity.
• It is the duty of managers to utilize this concept for the success of the
organization.

IMPORTANCE OF PLC TO
MARKETING MANAGERS
• It reduces the time spends to market due to under running the market.
• Reduces the market entry costs
• Makes the development of an efficient and profitable distribution channel
become an easy process (Ferreira, et al. 2017).
• Higher returns are realized on the investment from the promotional
campaigns.
• It ensures an extended lifetime of the products by adapting the manager's
approach throughout the cycle.
• Ensures an orderly and profitable end of life product management

ROLE PRICING STRATEGY IN
MARKETING
• Pricing at as the pivot of the larger economy ensuring that the market
components are working.
• It is only through pricing that demand can be regulated in the market/
• Price acts as the competitive weapons that can be used in the process of
market alignment.
• It is only through pricing that the profitability of a given business can be
determined.
• Lastly is the fact that pricing at as the overall decision input in a given market
segment.

HOW MARKETING MANAGER DECIDES
ON THE PRICING STRATEGY
• The pricing strategy used is subject to the following. First is the market analysis
(Lämmer, & Theiss, 2015)
• Second is the level of competition which the market exhibits
• Third is the perceived value of the product when it is placed in the market
• Fourth is the cost of developing or producing that particular product
• Fifth is the economic trends and the level of the market demand
• Others include customer demographics and class of the targeted customers.

ORGANIZATION AND PRODUCT
DESCRIPTION
• The organization in question is a hotel
• It offers bot accommodation and the meal service to customers who vests
the establishment.
• It is one of the most complicated business due to the unique characteristics
such as heterodegenity (Lämmer, & Theiss, 2015).
• Another critical component is the fact that these products are very
perishable and their production is in most affected by those in production.
• The products offered includes the meals while the service includes
accommodation and gym services.

THE INTRODUCTION STAGE OF THE
PRODUCT LIFECYCLE
• It relates to the new products be launched on the market for the first time.
• The sales and marketing costs are very high with low turnover
• Products are not profitable to the company in most cases due to low market
adoption (Stark, 2016).
• Distributor are always reluctant in the process of taking these new products
• The concentration is based on market and the need to promote the product
using aggressive...

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Anonymous
Only issue was the guy's response time which was a bit long, which made me a bit anxious. Reached out to the help desk and they helped me out, turns out the tutors aren't all from US which meant there was a time difference. No issues on the quality.

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