Explain the concept of the product life cycle

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Reference no: EM13225642

Product Life Cycle and Branding

As you now know, understanding where a product is in its lifecycle is critical in the process of making decisions about advertising, promotion, product changes or improvements, and new product introduction. Consider products you know. Are these products in the introductory stage of their PLC or more near maturity? What "improvements" have been made to products that are in the later part of their PLC?

Now think about all the brands you know and trust. How did these products build the kinds of reputations they enjoy today? As you are well aware, brands can make purchasing decisions easier and creating a successful brand can go a long way toward the successful introduction of new products under the successful brand banner.

Based on your reading for this week, respond to the following two prompts in one posting:

(1) Explain the concept of the product life cycle and apply this to one product or service of your company. Include the strategic implications of being in this stage of the PLC.

(2) Reflect on the concept of branding. Why do you think this would be important for your company?

Reference no: EM13225642

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