The Product Life Cycle (PLC) is a vital component of the marketing plan.

User Generated

Funxlen16

Business Finance

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.

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Explanation & Answer

Attached.

Product life-cycle
Name

Institution
Date

Presentation themes and goals
 The theme and the goals of this presentation will be;
✓ To understand the product life cycle and its importance
✓ To understand the application of the product life cycle in

management
✓ Creation of awareness on the significance of the product life cycle
on a business
✓ To examine the stages of product life cycle and understand the
different components of each stage

The PLC concept
 The PLC concept is an essential concept in marketing process for
any given business organization.
 This concept explains the stages in which a particular product has
to undergo from the initial stage of the idea to the last stage as a
product.
 The four stages of the PLC are generally characterized by the
exclusive features which have to be well-understood.
 The managers have to make use of the PLC concept for the
success of their business organization.

Importance of PLC to marketing managers
 The PLC concept is an important constituent to the marketing managers
because;
✓ It helps the product management to work in a well-organized manner thus
increase in the profit margin.
✓ It reduces the entry cost into a particular market.
✓ It assists in achieving high returns from promotional campaigns.
✓ It reduces time ...


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