How do product life cycle stages affect marketing strategies

Assignment Help Marketing Management

Reference no: EM133847231

Case: One example of a product with a very short and unique life cycle is the pet rock, a collectible toy made in 1975 by advertising executive Gary Dahl. The pet rock was a smooth stone picked from Mexico's Rosarito beach, packaged in a custom cardboard box with ventilation holes and straw bedding imitating a pet carrier. The box also contained a 32-page official training manual that humorously instructed how to care for and train one's new pet rock. The pet rock was created as a joke by Dahl after listening to his friends complain about their pets, but it became an instant hit among consumers who were looking for a novelty gift or a fad item. The pet rock sold for $3.95 each, and Dahl sold over 1 million pet rocks in six months, becoming a millionaire. However, the pet rock fad lasted only for one holiday season in 1975, after which sales declined rapidly due to market saturation, consumer boredom, media mockery, and competition from imitators. The pet rock was discontinued in February 1976, ending its brief but remarkable product life cycle. (Example information gathered from various websites, 2023).

For this assignment, you will detail your product life cycle for your class project. Since you are the innovator of the new product you are developing, please start from the beginning of the life cycle and try to predict the sales of your product over the next 20 years. Clearly define each of the phases of the product life cycle as it pertains to your developed product.

To complete the assignment, provide the following:

Phases (1 page): Define the concepts of each of the product life cycle phases for your product and explain why it is important for marketers and managers to understand the differences. Then, utilize academic journal articles to find similar products that might reflect a similar product life cycle as your product is being developed. Compare and contrast differences in the product life cycles of the two products. Utilize the extended model (development, introduction, growth, shakeout, maturity, decline, extinction, and retro) and the cyclical model (birth, growth, maturity, revival, and decline). Get quick and affordable assignment help now!
Life Cycle Chart and Graph (1 page): Present the results you created regarding predicted sales of your product in an MS Excel Spreadsheet format. Then transfer the data into a graph that demonstrates each of the phases. Remember to list the time frames for each phase to get the accurate graph. Highlight the key points that clearly identify when the life cycle has changed. Then, explain what each phase means regarding product life cycle stages to the customer. (The explanation can be on page 3 if the chart and graph take up too much space on the page).
Explanation (1 page): Discuss the implications of the results. Utilize academic journal articles to support your ideas, claims, and opinions since you are making predictions within this assignment. Evaluate the strengths and limitations of your work and suggest possible improvements.

References (1 page): List all the sources cited in the assignment using a consistent citation style, such as APA, MLA, or Harvard.
Some questions to consider when completing your assignment:

What are the main factors that influence product life cycle stages and characteristics?

How do product life cycle stages affect marketing strategies and decisions?

How do product life cycle characteristics affect consumer behavior and satisfaction?

What are the challenges and opportunities for managing products at different life cycle stages?

How can product life cycle analysis help identify new product opportunities or threats?

Reference no: EM133847231

Questions Cloud

How the products will be shipped : Target market will be the people buying the product, who will use the product, who wants to use the product, and who you will target when advertising

What are some current treatment methods for autism : What factors account for the high prevalence of rates in ASD among children today? What are some current treatment methods for Autism?

What does the term intersectionality mean in marriage : What does the term intersectionality mean in marriage and family therapy?

Marketing to get your product noticed : Global media sensation since the winner would be announced during the Super Bowl each year and the winners would receive a million dollars

How do product life cycle stages affect marketing strategies : What are the main factors that influence product life cycle stages and characteristics? How do product life cycle stages affect marketing strategies

Which possible adverse effects should the patient be made : Which possible adverse effects should the patient be made aware of prior to making a shared decision on whether to initiate therapy?

Develop newsworthy story ideas : Develop newsworthy story ideas for student media (e.g. Honi Soit, Salience) in response to the BRIEF provided and using the story idea template

What is your opinion on this ongoing debate : Maintain that marketing does much more than satisfied customers needs and wants in fact creates needs and wants that did not exist

Describe how each assessment or test would be performed : Describe how each assessment or test would be performed on a pregnant client. Provide the rationale for performing each item as well as briefly discussing.

User Account

All Pages