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 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.

Write a 1,000 word report in Microsoft^® Word^® addressing the following topics:

• The company and product or service that you have chosen
• 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.
• Provide an analysis of each of the four stages of the PLC describing the stage and the implications each stage may have on price strategy, product management, 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.
• Share examples of possible implications if the PLC 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 to demonstrate your research.

Format your report consistent with APA guidelines.

Click the Assignment Files tab to submit your assignment.