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English (v) Heavy sales promotions should be done to encourage trials. Found inside – Page 215Define Product and explain its importance . 2. The first commandment in the marketing ... Explain . 10. Explain the concept and uses of product life cyles . 11. What do you mean by product life cycle ? What are the gradual stages in the ... Copyright © 2003 - 2021 - UKEssays is a trading name of All Answers Ltd, a company registered in England and Wales. 2. vi. 1. Found insideThe aim of this book is to present the terminology, applications, trends, and developments in Product Lifecycle Management (PLM). The Product Life Cycle model describes how products go through the four phases of Introduction, Growth, Maturity, and Decline after they are launched. When the product is deleted, funds cease flowing altogether. After a product has been developed, it is launched in the market with the help of various promotional devices such as advertising, sales promotion, publicity and personal selling. Your response should be at least 200 words in length. Facebook does not work in B2B advertising. Both can be increased by –. Fashion can repeat itself over and over again. Explain major influences on buying behavior for the following brands: a) Nyka (e-commerce beauty portal) (b) Dell laptops (c) Urban Company (d) Dominos (10 Marks) 3.a. (5 Marks) 3.b. Some continue to grow and others rise and fall. Explain the important difference between serial and concurrent product realization processes. Image Source: Pixabay.com. Strict adherence to PLC can lead a company to misleading objectives and strategy prescriptions. Copyright 10. The management can adopt latest technological changes to improve the product quality, features and design. Development and Research, Introduction, Growth, Maturity and Decline. The product life cycle model helps you: Forecast the expected path of the sales a product gets over the course of its life; Check which stage a product is and how it fits in the market. The “Scissors” is an 85 year old brand and continues its dominance. Thus, the concept of product life-cycle can be used as a forecasting tool. Kollate, R.D. The firm can prepare an effective product plan, by knowing the PLC of a product. The 6 Employee Life Cycle Stages In order to understand exactly how each stage of the employee life cycle can drive employee engagement, let's examine each stage in greater detail. Explain how a product's life cycle has important implications in terms of process design and choice. A product life cycle is the amount of time a product goes from being introduced into the market until it's taken off the shelves. A ‘ME TOO’ product can be launched within two to three months whereas a totally new to the world product may take many years to get developed and launched. But to sustain growth, consumer satisfaction must be ensured at this stage. A PLC, of course, ranges from the time when a product is introduced to market to when it’s no longer viable because of what the marketplace considers superior competitors. Selling the same with new brand name. In short, product life-cycle concept is very useful in the management of lifecycle of a product through corporate strategic planning and marketing strategic planning. PLC makes companies realize that their products, however novel and unique they might be, would have to die one day due to entry of rivals who may hit back with better and improved versions. Understand, however, if you’re marketing anything, you still need to maintain a presence on Facebook to keep your Internet ranking strong. To better manage a product over it’s lifespan, it’s important for managers and business people to understand the basics of what a product life cycle is. Registered office: Venture House, Cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ. Some products like Coca Cola and Pepsi may not experience a decline at all. Channels of Distribution and distribution outlets increases. PLC assists in the postponement of the desirable life phase of a product, e.g., maturity stage. Modern product life cycles are becoming shorter and shorter as products in mature stages are being renewed by market segmentation and product differentiation. 5. In general, this involves early investment to help secure revenue later on. Explain with an example each. No plagiarism, guaranteed! While the rich content of this book will impress professional audiences, it's clear and easy style makes it quite accessible to the general public." — Stanislav Grof, M.D., former Chief of Psychiatric Research, Maryland Psychiatric ... These processes include exploration, screening, analysis, development, testing, etc. At one time the Rubik cube was a fad and was the highest selling product in various forms. Stanton: i. A smart marketing manager, alert at product growth keeps innovating newer uses of the product and so gives a new lease of life to the product that shows signs of maturity in PLC and again a speedy growth and maturity again to new growth leading to a scalloped PLC. The PLC will greatly help the management in drawing future plans of the firm. The management should change its approach by changing the strategy from “Buy My Product” to “Try My Product”. The concept "Tourism Product life cycle" is used to explain the development of a particular destination and the succeeding levels they go through over time to time. Every firm makes sale projections during introduction, growth and maturity stages of the product life-cycle. Many of these products are being sold for over 100 years and have not lost consumer loyalty due to their re-launch to suit changing tastes of consumers. iii. The third phase of maturity poses the greatest challenge. i. Thus the concept of PLC facilitates integrated marketing policies relating to product, price, promotion and distribution. v. Furthermore, some products do not (or to date, at the least, have not) experience a decline. Product Quality – Add to the existing quality by its taste, capacity, applicability, multiplicity, durability etc. Sales reach and remain on a plateau marked by the level of replacement demand. Based on the thousands of questions Kotler has been asked over the years by clients, students, business audiences, and journalists, the book reveals the revolutionary thinking of one of the profession's most revered experts. There is no fixed duration for any of these life cycle stages. *You can also browse our support articles here >. iii. There are several reasons why the life-cycle of a product tends to be short : (a) continuous research for product development, (b) simultaneous attempts by several companies in the same direction, and (c) tendency of a new idea to attract competitors. Heavy investment without return results into losses. Though not easy, still management may adopt following strategies to generate profit as suggested by W.J. The major objective of the company should be to reduce expenditure and milk the brand. A product might not pass through every stage in the cycle. Found inside – Page 122Explain. 3. Discuss the life-cycle of a product and problem of its obsolescence. 4. Discuss the concept of product life-cycle. ... What is the importance of this concept of marketing ? 9. Discuss the concept of Product Life Cycle. High(skim) pricing is used for making high profits with intention to cover initial cost in a short period and low pricing is used to penetrate and gain the market share. The Project Life Cycle (Phases) The project manager and project team have one shared goal: to carry out the work of the project for the purpose of meeting the project's objectives. In case the image changeover is not helping the product to revive its sales, the marketing manager plans for a reÂ-launch of the product that shall give it a new lease (new PLC). The crux of any project life is the same: defining a project's objectives, creating a project plan to meet the objectives, and then making stuff happen to . Growth – In the Growth Stage, both sales and profits will begin to rise. Just like a new born baby, a product also experiences the difficulty of breathing, sharp light, environmental hazards, feeling problems etc. As a result of it, the lifecycle of products in our country is higher than that of the developed countries. (e) Often the PLC can be temporarily ‘bent’ by heavy promotional expenditures in the decline stage. To maximise a product's return over its lifecycle, a number of factors need to be considered: Design costs: - since approximately 90% of a product's costs are often incurred at the design and development stages of its life, it is absolutely important that design teams work as part of a cross-functional team to minimize costs over the whole life cycle. Found insideThis book consists of chapters based on selected papers presented at the EcoDesign2015 symposium (9th International Symposium on Environmentally Conscious Design and Inverse Manufacturing). VAT Registration No: 842417633. We know that challenges along the product life cycle, such as the changing marketing, changing customer preferences, new competitors, poor product design, going after the wrong target market, off-base pricing, off-target go-to-market strategy, and a lack of post-launch research can result in a shortened product life-cycle. To achieve the sales target, it formulates promotional, pricing and distribution policies. The first red flag about Facebook’s PLC appeared in this headline: Facebook Sees Big Traffic Drops in US and Canada … -Inside Facebook. Are new products being created in this industry or others which may meet consumer needs more effectively? Posted March 17, 2017 by Rebecca Bernstein No field stresses the importance of a well-built system quite like computer science. Technology life Cycle-TLCDescribes the:• commercial gain of a product through the expense of research and development phase and the financial return during its vital life. Thus, the concept of product life cycle can be used as a forecasting tool. There is a specific project life cycle for every program, project, or product, which is a sequence of different phases. Smaller businesses have a good reputation for innovation. As a Planning Tool: The study of product life cycle is an important tool in the hands of planners. The sales of a product might have declined because of poor advertising or entry of competitive products backed up by high promotional effort. Describe the key engineering tasks and reliability roles in each phase of a product life cycle. This style changed to skin tight trousers and then to bell bottoms and again went back to loose trousers in the late nineties. Similarly, aggregate product decline can be postponed for generations in the absence of major technological breakthrough (e.g. Found inside – Page 1017.3.2 Usefulness of the Product Life Cycle Concept Conceptualization of the stages of the product's life is useful for the management in several respects . ( i ) The PLC concept encourages marketing managers to use it as a strategic ... When a product idea is commercialised, the product enters into the market and competes with the rivals, for making sales and earning profits. The market which has seen the product through media takes time to accept it. The economies of scale (cost reduction). PLC is not to be used as a weapon to destroy products that have still lot of steam left. (iv) Reduce the advertising expenditure to the minimum level needed to retain hard-core loyals. It is relatively easy for management to recognize the profit implications of design changes, product obsolescence, price variations and so on in isolation for a particular product. This is the fourth importance and it means the various plans, policies, procedures, and strategies are followed in the different stages of the product life cycle.Thus management can prepare marketing programs accordingly to achieve success.
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