The Concept of Product Life Cycle as a Useful Tool
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To what extent is the concept of the product life cycle a useful tool for marketing managers?
(Credit will be given for references you make to relevant examples from real companies).
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Solution Summary
The solution discusses if the concept of product life cycle is useful tool to marketing managers.
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Importance of PLC for Marketing Manager
Introduction
Product life cycle (PLC) refers to the period from the launch of product in a particular market to the decline of the product from the market. There are different phases of a product life cycle through which a product has to go through (Simon & Xie, 2006). This paper will discuss about the use of PLC to the marketing managers in making different marketing strategies.
Importance of PLC
The study of product life cycle is very important for the marketing managers to develop and implement appropriate marketing strategies. Every phase of PLC is essential to analysis by the marketing manager. It provides important perspective for the formulation of strategies (Mohan & Krishnaswamy, 2006). It not only includes the product planning but also the pricing and the promotion policies. Following phases of PLC help marketing manager in formulating different strategies.
Introduction stage: During this stage, the main focus of the marketing manager is to develop appropriate strategies to create market for new product (Holtzman, 2011). It needs to develop proper promotional tools for the product. The usability of introductory stage to marketing managers can be understood by the example of "Windows XP" of Microsoft. During its launch, the marketing manager focused on creating need of Windows XP among its current and prospective customers. For this, marketing manager highlighted main features of Windows XP which was unique to market (Microsoft, 2011).
Similarly, the importance of introductory stage can be understood by the example of Apple's iPod to the market. Due to new product for the market, marketing managers ...
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