•Purpose of Assignment
•The Product Life Cycle (PLC) is a vital component of the
marketing plan. Monitoring products and services as they flow through this
process helps marketing managers adjust their marketing strategies to keep
products and services thriving for as long as possible. Monitoring this cycle
helps companies and organizations continue to maximize the value of their
products and services with their target over time. The purpose of this
assignment is to give students the opportunity to understand how each stage in
the PLC creates a need for adjustment to marketing strategies and allows
students to assess what action(s) need to be taken.
•Assignment Steps
•Resources:Marketing:Ch. 1: pg. 4-10; Ch.
2: pg.40-46, 54-69; Ch. 11: pg. 292-309
•Scenario: You currently
work as the marketing manager of yourfavorite company/organization and manage the success of one of
its products or services. Your responsibility is to monitor the stages of the
Product Life Cycle (PLC) and adjust the marketing strategies as needed for your
product to thrive for as long as possible. At each stage, you assess changes
you need to make to the product, price strategy, as well as competition and
profit.
•Create a 10- to
20-slide (not counting cover slide or reference slide) Microsoft®PowerPoint®presentation with speaker’s notes
covering the following criteria:
•Develop a slide setting the theme and goals of
the presentation.
•Define and discuss the PLC concept and its importance to
marketing managers.
•Define and discuss what role pricing strategy has in
marketing and how marketing mangers decide what strategy to use.
•Describewhat company/organization and product/service you are using.
•Create one slide for each of the four stages
of the PLC describing the stage and analyzes the implications each stage may
have on price strategy, product, competition, and profit for your selected
product/service. Use the product/service you selected to illustrate each
stage as it is discussed with original examples.
•Discuss the reasoning behind why the PLC is important to
marketing managers and share examples of possible implications if it is not
monitored.
•Citea minimum of two
peer-reviewed sources with one coming from the textbook or the University
Library. Use in-text citations in the presentation slides and speaker’s notes
to demonstrate your research.
•Format your
presentation consistent with APA guidelines.
