The Product Life Cycle (PLC) is a vital component….

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.

 

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 your favorite 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.

Cite a 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.

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