Utility of the product life cycle, Marketing Management

Utility of the product life cycle

1.       As forecasting tool: the study of product life cycle is an important tool for sales forecasting its study foretells that problems and prospects, which will be faced by e product in, time to come.

2.       As a planning tool: the study of product life cycle is an important tool in the hands of planners. This study reveals the marketing strategies and policies of competitions. It also reveals the effect of their policies and strategies upon sales and product of the enterprise. On the basis of this arrangement marketing manager of the enterprise can prepare his marketing plan.

3.       As a control tool: the study of the product life cycle helps in controlling the marketing activities of an enterprise also. With the help of this study the marketing manager can make necessary arrangements to make the product available according to the demand.

4.       Developments of the new products: the study of the product life cycle is very helpful in the development of a new product and in the improvements of the existing products. This study studies the chance taking place in the needs, habits, tastes and attributes of consumers, keeping in view these changes, necessary decisions may be taken for the improvement of the existing products and developments of new products. 

Posted Date: 9/19/2012 6:04:18 AM | Location : United States







Related Discussions:- Utility of the product life cycle, Assignment Help, Ask Question on Utility of the product life cycle, Get Answer, Expert's Help, Utility of the product life cycle Discussions

Write discussion on Utility of the product life cycle
Your posts are moderated
Related Questions
what is test marketing?explain the various approaches that are followed by FMCG companies in test marketing

Describe about the direct marketing In 1990s direct marketing became a more prominent tool in mix as technology had enabled a form of communication by appealing personally and

Do you think Jack is equipped with the managerial skills needed to head up a team that develops strategies for adapting existing company products into new products for sales

oxfam used HTML in the its first email, video in the second, audio in the third. Evaluate the use of different email format for this type of message and consider the sequencing of

Steps in MIS design: 1.       Define the system: the system for which design is to be made has to be defined; in the terms of elements, the relationship and its boundries. Th



Question : (a) Differentiate between the terms "efficiency and "effectiveness" within the management context. (b) Identify and clearly explain the four most common chall

What is Multi Segment Approach for selecting target markets? Multi segment Approach: As an organization directs its marketing attempts at two or more segments through dev

WHAT ARE THE PRODUCT MIX OF LG COMPANY IN REFRIGIRATOR