I need some assistance in starting the following assignment:
Pick a long-time existing brand, such as Cheerios, Crest, Purina Dog Chow, etc., with which you are familiar and have been using for an extended period of time. First, start by indicating where this product is now in the PLC. Then, analyze how this specific product has evolved through the PLC since the time you started using the product. Then, speculate what the brand may do next to stay where it is in the PLC.
My job is to provide guidance, so let us begin.
We start by first reviewing the stages of the product life cycle. Any Google search will provide you with a diagram of the product life cycle.
Stage 1 - Introduction - at this stage the product is launched to the public/ to potential customers. There will be increased marketing activity especially advertising in an effort to create awareness and drive sales.
Stage 2 - Growth - at this stage the product has captured some market share and is selling well. Customers are becoming loyal to the product/brand, revenue from sales climbs from the first ...
The following posting discusses how a product evolves through the product life cycle. The four stages of the life cycle are discussed.