What do you think might happen if no forethought is given to the PLC? Please support your thoughts with a work experience, consumer observation, or a hypothetical scenario.
How can you use your new found understanding of this cycle and its effects on products and price to make wiser consumer or business purchase decisions?
Explain why marketing managers must understand the relationship you illustrated as well as how they should incorporate it into the marketing plan.
Marketing managers should understand the relationship between the product lifecycle and the marketing strategy and should incorporate it into the marketing plan. The reason for this is that otherwise the marketing managers may select the wrong strategy and the their marketing plan would not achieve them the marketing objectives. For example, if during the maturity phase the marketing manager devised a promotion that explained what the product did, the promotion would not help the marketing manager achieve ...
This solution gives you a detailed discussion on Marketing managers. Incorporated marketing plan relationships are provided.