Mapping the Product Life Cycle

Anonymous
timer Asked: Dec 15th, 2017
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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 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.

Tutor Answer

Hawkeins
School: Duke University

Attached.

PRODUCT LIFE CYCLE: OIL MANUFACTURING
COMPANY

PRODUCT LIFE CYCLE: DIESEL.

NAME : INSTITUTION AFFILIATION

Monitoring product life cycle of diesel

 Goals for measuring product life cycle
I.

To increase sales and profit from the sales of diesel.

II.

To improve market share of the product in the market.

III.

Enhance product positioning through enhancing the awareness in the
market.

IV.

Increasing the importance of the product in the market.

V.

Prolonging diesel life cycle.

The concept and importance of product life cycle of diesel to
marketing managers

➢ Concept: describes the stages a product goes through from when it was first thought
of until it is finally removed from the market.
Advantages of monitoring the product life cycle of diesel :
❖ Enables the managers to make a good marketing plan.
❖ Managers can come develop new uses for ...

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Review

Anonymous
Outstanding Job!!!!

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