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Explain the concept of the product life cycle

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Reference no: EM132257372

Question: As you now know, understanding where a product is in its life cycle 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.

To prepare:

• Review Chapters 7-9 in your course text.

• Review the Kawasaki web article in this week's Learning Resources.

• Review the three media pieces provided in this week's Learning Resources.

Post a 150- to 250-word response to two of the following:

• Explain the concept of the product life cycle (PLC) and how it impacts the marketing of a product. Select one product or service on which to focus and explain where it is in the PLC. Include the strategic implications of being in this stage of the PLC.

• Explain the concept of branding. Why is branding important for a company?

• Think about a product you like and use on a regular basis and the company that makes the product. What kinds of spinoff products might this company consider producing? What kinds of marketing research could you conduct to determine if this spinoff or expanded product offering may be successful in the marketplace? How can you ensure validity and credibility in your research? Should a product adjust its branding depending on which PLC it is in? Give an example.

You will respond to the third prompt when responding to a colleague. Be sure to support your work with specific citations from the Learning Resources and any additional sources.

Be sure to support your work with specific citations from the Learning Resources and any additional sources.

Note: Independent research is required for this Discussion.

Reference no: EM132257372

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