Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Marketing implications of product life cycle

17/11/2021 Client: muhammad11 Deadline: 2 Day

Apply: The Product Life Cycle (PLC)

Mkt 421

Week 3

Introduction

Develop

Develop a slide that establishes the theme and goals of the presentation.

Define and discuss

Define and discuss the PLC concept and its importance to marketing managers.

Discuss

Discuss why the PLC is important to marketing managers, and provide examples of the possible implications if the PLC is not monitored.

Describe

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

Describe how brand equity can be used to create a positive customer image of your product.

Describe

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.

Setting the Theme and Goals of the Presentation

Theme – Creating a platform and well-defined structure to cater to the needs of the consumer that are able to match the innovative technological advancements that are taking palace within the market and to provide the highest quality of product at the most competitive prices to the consumer.

Goal in Creation of Product

1 To understand the steps involved in the development of the product

2 To update the changes, as needed at any step in the PLC cycle

3 Develop strategies to meet the needed requirements of the consumer

4 To train the staff and make sure that quality of the product is maintained during each part of the phase

5 To ensure that all departments are aware of the necessary changes to the product in the life cycle

6 To continue to conduct follow up between the PLC cycle

7 Ensure to achieve the desired outcome during all stages of the Product life Cycle.

Define and discuss the PLC Concept and The Importance to Marketing Managers

PLC is the concept that takes within everything started from the point of launching a product in the market and ending when the product ins withdrawal from the market.

Each product that is produced has its own individual life cycle.

To continue to check the progress of the product, one must ensure that the item goes the variety of stages, such as, market research, competitive prices, quality check, target customers demands and continue to manufacture the product that is highly desirable by the consumer.

Therefore, PLC is well defined and needs a continued strategy to help ensure that the critical aspects are able to change in order to meet the needs of the consumer. If a product is unable to make the necessary changes, it may become a product that the consume no longer wants.

Significance of the Product Life Cycle

1 It enables the firms to take the steps well in advance, to help sustain its revenues as the decline stage gives this message in advance.

2 The company gets the idea of the product needs and positions it in the market during various stages of introduction, growth, maturity and decline stages of their other products.

3 This serves as a forecasting tool which provides enough warning and opportunities, in advance so that the management can make the needed changes.

4. It helps knowing the best advertisement strategies for the product being offered, as this helps to promote new products.

5 It encourages the management team (new product teams) to bring new products to the consumer at all stages of the life cycle.

Define/Discuss What Role Pricing Strategy On Marketing

Pricing Strategy – marketing managers look to identify optimal and competitive pricing of the given product. This is a very important aspect of the company to help ensure that they are able to make a market share and create a profitable product.

Decisions Marketing Managers Use

The Four Marketing Strategies to Success

1. Product

2. Price

3. Place

4. Promotion

Setting the proper price for the product will play a vital role in helping to determine its success.

When marketing managers consider the current market they need to ensure that the product has value, is in demand, and are the consumers willing to pay said price for the product.

Covergirl Makeup

The favorite of many women is Covergirl Makeup this brand is Made in America and has been helping women feel beautiful for over 40 years. This makeup line has been helping women to not only look their best- but also to feel their best about their appearance.

Four Stages of the Product Life Cycle

Stage – 1 – Introduction stage

At this stage, the goal is to create the awareness of product rather than to focus on making profits. Therefore, in this stage the costs are higher, and the financial return is negative. Company’s incur huge cost in advertising and promotion in launching the new product, even in this beauty line, as the consume may not be willing to try a new product.

For example- Covergirl has incurred huge costs in placing their beauty line in all stores across the country and around the world. ]

Four Stages of the Product Life Cycle (continued)

Stage – 2 – Growth Stage

At this stage of the new product, it is at its peak. Consumers are buying the product and it becomes a product that is in high demand. As profits increase, so does the competition within the industry. Now the company is more focused upon improving the quality to help ensure that the retention of the customer is confident in the product.

Covergirl Makeup offers a large range of products that last longer than other products on the market, with a wide arrange of the colors that are available. Their competition increases with the number of colors that are being sold to help accommodate a large number of consumers.

Four Stages of the Product Life Cycle (continued)

Stage – 3 – Maturity Stage

Now the product awareness is set into place and the consume has grown to like the product, the sales may dip down in comparison to when the product was first offered. There are new competitors, which means that Covergirl must remain viable in the beauty industry to stay a contender in the current market.

Covergirl makeup has introduced its product in the market and they have many consumers. Covergirl is a well known brand name, high quality product, that must now continue to offer the same product and be able to develop new items that encourage more potential consumers to try the new product lines that have been created.

Four Stages of the Product Life Cycle (continued)

Stage – 4 – Decline stage

Change in consumer preference, innovation in technologies, changes current beauty trends, poor quality of products and after sale services, could be the cause of the product ending up in at decline stage. Potential inflation in the economy may play a role in the decline of the product being sold.

Four Stages of the Product Life Cycle (continued)

Stage – 4 – Decline stage (continued)

At this stage, company has three options –

Maintain the product or reduce the cost of the product

Make changes to the Beauty care line, while offering the product to the loyal consumer and break even

Discontinue the product.

Covergirl has opted to maintain the product line and make the necessary changes to the product line to keep up with the changes of the consumer.

Why the Product Life Cycle is Important to Marketing Managers; Share Examples of Possible Implications

The product life cycle helps the marketing managers to define the marketing strategies best suited to the product market. It helps the decision making process as outcomes become easier to predict.

The product life cycle of the product will be kept current by advertisements, promotion, pricing and target market follow-up. This facilitates the managers to conduct the SWOT Analysis and define the strategies that help improve the sales of the beauty product.

If the product life cycle is not monitored carefully, it can cause fluctuations in predicted sales.

It will not be able to keep up with the change in external and internal conditions.

May struggle to meet the consumers demands, which may reduce the market share of the product.

Brand Equity/Positive Consumer Image

Creating a positive brand image can be achieved by offering a high quality product, at a great price, that consumers feel that they just need to have. Providing great customer service will allow the consume to feel that they mean something to the company.

Conclusion

In conclusion, we can see that Covergirl has been in business for many years and they have been able to bring high quality beauty products to the consumer. One of the main reasons that they have been so successful is that they are able to keep a close eye on the trends in the industry and make sure that they are offering comparable items that are being offered by their competitors.

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

WRITING LAND
Instant Assignments
Premium Solutions
Quick Finance Master
Quick Mentor
Calculation Master
Writer Writer Name Offer Chat
WRITING LAND

ONLINE

WRITING LAND

I am an elite class writer with more than 6 years of experience as an academic writer. I will provide you the 100 percent original and plagiarism-free content.

$44 Chat With Writer
Instant Assignments

ONLINE

Instant Assignments

As an experienced writer, I have extensive experience in business writing, report writing, business profile writing, writing business reports and business plans for my clients.

$27 Chat With Writer
Premium Solutions

ONLINE

Premium Solutions

I can assist you in plagiarism free writing as I have already done several related projects of writing. I have a master qualification with 5 years’ experience in; Essay Writing, Case Study Writing, Report Writing.

$27 Chat With Writer
Quick Finance Master

ONLINE

Quick Finance Master

I am an elite class writer with more than 6 years of experience as an academic writer. I will provide you the 100 percent original and plagiarism-free content.

$39 Chat With Writer
Quick Mentor

ONLINE

Quick Mentor

I have worked on wide variety of research papers including; Analytical research paper, Argumentative research paper, Interpretative research, experimental research etc.

$49 Chat With Writer
Calculation Master

ONLINE

Calculation Master

I have worked on wide variety of research papers including; Analytical research paper, Argumentative research paper, Interpretative research, experimental research etc.

$50 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

U are working at a doctor’s office. You are approached by the office manager, who asks you to develop an effective way of storing patient information - Powertech plus battery charger mb 3611 - Discussion - Zara model counterintuitive - Evil jireh the voice - Business Ethics PPT - Key and peele seven inch - In geometric tolerances a plain circle means: - Due at 1145 - Discuss the team dynamics for a highly effective or ineffective team of which you were a member. Can you explain why the team performed so well or so poorly? - Thinking through the past 4th edition - Examples of stressed and unstressed syllables - Ass 44 - Afr weekend paper price - Calorimetry and hess's law - University of adelaide harvard referencing guide - Back bay battery simulation decisions - Thesis statement for my papa's waltz and those winter sundays - Charles tyrwhitt annual report - APT - What happens to donalbain in macbeth - Woodlands junior kent egypt - Essay 1 for Modern Britain 1000 words (or 4-5 double-spaced pages) - The glass castle questions and answers - Home baked bread sally croft - John locke psychology tabula rasa - Economies of scale in managerial economics - Peer response - Six foot track mandatory gear - Discuss religion in China today. - Molecular compound and covalent compound - Water refilling station for sale - What is cephalocaudal and proximodistal development - Nsw service installation rules - VERY HURY!!! IF U CAN DO IT IN 10HS!!!!!!! - Analysis of Correlation Test Data - BE JA-5 - Challenges in the Business Environment Assignment - Operation winback ps2 cheats - Why are international environmental conventions and treaties often ineffective - New belgium brewery target market - This guy's freestyle dance moves will melt your mind - Sinamics g110 getting started guide - Non stress test pregnancy ati - Donabate portrane tennis club - According to handel cahill & elkin 2007 socialization occurs - Size of objects in the solar system - Ms paint drawing tips - Bbc radio kent ebbsfleet - Courtroom participant chart - Shannon and weaver model - What are the four strategic alternatives - At&t mobility llc v concepcion reasoning - Classify each pollutant based on the category that best describes its impact on waterways. - Joy luck club characters - Apple inc swot analysis 2018 - International business final exam quizlet - If poem by rudyard kipling pdf - P plate license suspension appeal - 15 page powerpoint slide - Flashback a brief history of film 5th edition pdf - Carbon 13 nmr practice problems - Mcdonald's global performance management practices - Fractional distillation lab report discussion - Graded assignment lab report drop and bounce - Solubility product of calcium hydroxide experiment - Does yossarian die in catch 22 - Assignment - Honey nut cheerios nutrition facts panel - Bitmap display mips - MGMT315 Forum Posts - Confucius say man who chase woman in dark - Ethics essay my sister's keeper - Where is lucy skeleton kept - Load restraint guide wa - Policy practice and digital science - Plate tectonics lab worksheet answer key - Braemar tudor romeo cooktop - Is acac a strong field ligand - Capstone Mod 1 Discussion - Paper - Brief history of children's literature - Cry the beloved country chapter 7 - Capral aluminium catalogue pdf - Epidemiology for public health practice 5th edition pdf - Microsoft access reserved words - Fa emergency aid course - Download the file below - Creating a virtual museum exhibit edgenuity - Unisa city west map - Forensic Accounting - Discussion Post - Diameter of a tennis ball inches - Benchmark - Science/Health Mini-Unit Plan - Discussion Board ( please respond to student post) - Describe some ways that an organization can recover it's IT resources from a natural disaster (fire, flood, hurricane, tornado etc.). What controls should have been in place in order to be able to retrieve this data? - 2012 economics question paper - Chapter 14 bond prices and yields solutions - Jack richards pleasant holidays - Go-live announcement for key stakeholders - Hectors world episode 1