Select a product with which you are familiar with:
a. What industry code is your product associated with and what are some of the competitors and/or total size of this industry in terms of revenue or units shipped?
- Provide rationale from the e-text readings and cite references for your answer and consider using hoovers.com or other websites such as the company's website where publically traded companies annual report can be found for your secondary research.
b. Based on your knowledge of the product life cycle (PLC), what stage is your selected team's product in for the PLC, what types of strategic changes, from a marketing mix perspective are you expecting during each phase of the PLC? (Be sure to include pricing, which typically will change in most products, as it continues through the product life cycle)?
c. How will your experience with these questions assist the team in completing the market plan assignment of your selected team product/service?
Selection of the Product:
The Coca-Cola Company offers a portfolio of more than 3,500 diverse products in more than 200 countries. One of their main brands is the Coca-Cola soft drink which is the most popular and most-selling soft drink in history. The industrial code of this soft drink Coca-Cola Company product is '12110' for the soft drinks manufacturing industry. The company has a fair dealing when relating with their competitors all around the world. Some of the competitors of the company are Pepsi, Sam's choice and mountain dew among others in the market. The Coca-Cola Company earns approximately 75% of revenue from all the international sales. The company has managed to maintain its profitability despite all the challenges that face the company (Company Reports, 2011).
The stage of product life ...
The solution determines the product industry code, competitors, product life cycle, strategy changes, and market plan.