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.
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 15 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 three peer-reviewed sources – one must be from the text, and one must be from the University Library or video material. Use in-text citations in the presentation slides and speaker’s notes to demonstrate your research