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
Q. Selection of an advertising agency by Past Record? 1) Who were the past clients of agencies why they left the agency how long were they with agency. How large were they?

Define the international developments in human resource environment structure. International developments: Global Competition: Companies competing upon global basis

Does marketing exisit solely to increase profit?

detail note on pricing strategies of any product

what is modern and traditional value delivery approach???

Market segmentation producer or how to segment the market: 1.       Survey stage: this is divided into two parts, (1) focus group discussions and in depth interviews with a v

Micro environment: Micro environment refers to the company's immediate environment, those environment factors that are in its proximity. These factors influence the company's non

corelate the term engeneering and managerial economics

Question: e-HRM is a way of implementing HR strategies, policies and practices with the full use of web-technology channels. (a) Describe the different ways in which e-HR a

WHAT IS TEST MARKETING AND ITS APPROCHES FOLLOWED BY FMCG COMPANIES