Mapping the Product Life Cycle (PLC) REPORT

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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.

Write a 1,000 word report in Microsoft® Word® addressing the following topics:

  • The company and product or service that you have chosen
  • 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.
  • Provide an analysis of each of the four stages of the PLC describing
    the stage and the implications each stage may have on price strategy,
    product management, 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.
  • Share examples of possible implications if the PLC 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 to demonstrate your research.

Format your report consistent with APA guidelines.

Click the Assignment Files tab to submit your assignment.

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