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 20-slide (not counting cover slide or reference slide) Microsoft® PowerPoint®presentation with speaker's notes 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.
Explanation & Answer
Attached.
THE PRODUCT LIFE
CYCLE CONCEPT
Student name
Institution
Professor
Date
THEME AND THE GOALS OF THE
PRESENTATION
• The goals of this presentation will be:
• To get to a point to understand the lifecycle and each and every component of it.
• To get to a point of understanding the way a manager can make use of PLC to develop the
company products.
• To help in the development of awareness on the benefits of PLC on the practices of the
business.
• To critically examine each phase and understand different component which they are
presented by the end of the process.
THE CONCEPT OF PLC
• For a business to succeed the life cycle of the products must be given priority and be keenly
understood and taken care of.
• With the PLC the definition of the phases involved in the growth of the business in its way
to develop (Komninos, I. 2002)).
• It gives an explanation of the model that a business can adopt for success.
• Each and every phase has its own unique characteristics that have to be understood under the
conformity of the business.
• Managers will have the duty of utilization of the concept for their businesses to succeed.
BENEFITS OF PRODUCT LIFE CYCLE
TO A MARKETING MANAGER
• Reduction of time spent to the due market for running th...
