How to monitor the Stages of Product Life Cycle?
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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 so that it can thrive for as long as possible. At each stage, you assess changes in the target market, determine changes that you need to make to the product or price strategy, and review the competition and profitability.
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Create a 10- to 15-slide (not counting cover slide or reference slide) Microsoft® PowerPoint®, Prezi, or Microsoft® Sway® presentation with speaker’s notes that covers the following criteria:
- Develop a slide that establishes the theme and goals of the presentation.
- Define and discuss the PLC concept and its importance to marketing managers.
- Discuss why the PLC is important to marketing managers, and provide examples of the possible implications if the PLC is not monitored.
- 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 how brand equity can be used to create a positive customer image of your product.
- 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.