An essay on the importance of monitoring product life cycle plc

Click Order Now and get a qualified writer for high quality papers You can place an order similar to this with us. Hire your writer directly, without overpaying for agencies and affiliates! First, All products follow PLC.

How do you use product life cycle analysis? Discuss the reasoning behind why the PLC is important to marketing managers and share examples of possible implications if it is not monitored.

Mapping the Product Life Cycle (PLC) Presentation

Recent product developments include the likes of the iPod by Apple and the Serene by Bang and Olufsen. When engaging in a PLC analysis, a researcher may benefit from using some of the following resources: The movies like Dabang, Ra-one, Agnipath captured the market in this style.

However, in some cases these become a style; that is, they come back into fashion. Many firms, especially single-product firms, will look to every possible marketing management technique known to revitalise product sales, whether this involves starting new users or market segments, or making significant modifications to the product, perhaps improving its quality, reliability or some aesthetic feature.

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

8 Important Limitations of Product Life Cycle Concept

Sixth, the life cycle of a product is dependent on sales to consumers. Some products are able to find ways to re-invest themselves at the end of their growth stage or before they witness the negative side of the maturity stage.

Creating and Sustaining Superior Performance. Nonetheless, if the firm wants this growth phase to continue rapidly without petering out, it must invest in adding new product features or improving the quality of the product.

But PLC varies a lot, but many researchers apply it without any distinction. In the diagram below, the respective sales in red and profits in blue across these five stages are illustrated. Alternatively, the PLC can be used as a retrospective tool to assess when a firm should enter an existing market with a new product.

These life cycle patterns are illustrated and discussed in the subsequent section. 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.

As the sales volume increases, the manufacturing and promotional spend per unit decreases, which also helps to increase profitability. Fashions grow more slowly but still quite quickly before eventually witnessing a decline.

Where can you find information on the product life cycle? For any product to be successful it must be bought by early adopters. The growth stage in the PLC typically involves a rapid growth in sales as early adopters replace pioneers as the main consumer group.

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.

This is important because firms need to examine what marketing strategies and marketing mix will enable them to differentiate their product offering from those of existing firms. Define and discuss what role pricing strategy has in marketing and how marketing mangers decide what strategy to use.Important Limitations of Product Life Cycle Concept are given below: 1.

First, All products follow PLC. But PLC varies a lot, but many researchers apply it without any distinction. It is different for different types of products. It may be possible that product may not go beyond introduction stage. The product life cycle is a well-known framework in marketing.

Products typically go through four stages: * Introduction * Growth * Maturity * Decline Source: Boundless. Introduction Stage This is the initial stage of product in the market. Produc.

The Significance Of Product Life Cycle Marketing Essay. Print Reference Published data indicates Facebook is showing signs that it might have advanced too far along its product life cycle (PLC) for you to reap a significant return on your investment.

If you are the original writer of this essay and no longer wish to have the essay. May 12,  · Mapping the Product Life Cycle (PLC) Presentation Scenario: You currently work as the marketing manager of your favorite company/organization and manage the success of one of its products or services.4/4(71).

Product life cycle in marketing. Print Reference this. Published: 23rd March, Last I want to find out how product life cycle is important for marketing, and how it affects. How to manage the product life cycle? If you are the original writer of this essay and no longer wish to have the essay published on the UK Essays website then.

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An essay on the importance of monitoring product life cycle plc
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