Product Life Cycle and International Product Life Cycle Economic and Marketing Perspectives

6. Explain family brands. Should Best Buy carry its own dealer brands to compete with some of the popular manufacturer brands it carriers? Explain your reasons. Family branding is a marketing strategy that involves selling several related products under one brand name. Yes, I feel that Best Buy should carry its own dealer brand too compete with some of the popular manufacturer

In the product life cycle, All-round is found within the maturity stage. Here, sales increase at first but at a slower rate as the market introduces its competitors and increases competition. Sales and profit tend to decline towards the end of the maturity stage. In one strategy, it is important to maintain customer loyalty and satisfaction in order to maintain profitability within this stage. For example, promotional allowances and sales force relationships are essential in having this accomplished. Another strategy is reformulation of the product. All-round has not been reformulated but improvements on a routine basis to the product can help increase market growth.

In my opinion, the first P i.e. ‘Product’ is the most important component of the marketing mix. It is an instrument using which value is delivered to the customer. It is a ‘bundle of benefits’ that can be offered to and appreciated by a particular set of consumers. Products or services lie at the heart of a marketing strategy; they serve as means of differentiation for the company or a brand representative of a firm. If a customer purchases a product and it does not meet her expectations, then she

Companies are continually coming out with new products; most new products are improvements of past products. However, the way a company markets a product and to whom they market the product can make a drastic difference in regards to the sales performance. Two products can be nearly identical and marketed very differently, while two products can be polar opposites and marketed almost identically. Two products that are similar but marketed differently are the iPad and the Amazon Fire tablet, and two that are different, but marketed similarly are Nike tennis shoes and Oakley sunglasses. It is important to understand how a company markets a product, but it is just as important to know why a company is marketing a product a certain way. The

The product life cycle is known as the procedure where a product is introduced to the market, expands in popularity,

The impact of product life cycle on marketing is that corporations must always plan products and offerings according to the life cycle. Especially in the durable goods market like motorcycles it is imperative than a manufacturer know the product life cycle in order to maintain market share or grow. In order to maximize life cycle revenues the company must maximize revenues and profits from all sources including warranties, spare parts, and accessories. Service is an integral part of a long product life cycle.

2. List five examples of products that are commonly purchased as either business products or consumer products. How would the classification impact the marketing strategy? 1. Maintenance people are always going to need things repaired. Some people cannot repair things themselves or do not have the time. This will keep job for people and equipment being bought. 2. Materials people are going to always have a need for raw materials. People will need to produce these items keeping the market moving. 3. Clothing people are always in need of clothing through the season changes as well as the fashion trends. 4. Technology such as phones, cameras, mp3 players. These items are always upgrading and getting a new version. 5. Furniture styles are always changing on these items keeping stylist, builders, and manufactures in business.

Every year hundreds of products are launched to the market, all vying for shelf space and consumers' attention. However successfully launching a product is not just bringing it to the market (GlaxoSmithKline, 2007). Organizations must examine the product life cycle for the product being introduced to ensure long-term product success.

All products have a lifecycle. They begin as an idea that needs Research and Development (R&D) or time to develop. This is a direct cost to the company. Once the product and/or service is ready to be marketed, it goes through five stages: development, introduction, growth, maturity, and decline.

The BCG model is based on the product life cycle theory which can be used to determine which one of the product should be given the priority in the product portfolio of a business unit. It is usually based on the observations towards the company’s business units that it can be classified into four categories based on combinations of market growth and market share relative to the largest competitors that brings the name of “growth-share”. As to make sure that the long-term value creation is made, the company should have a specification of the products which contains both high-growth products in need of cash inputs and low-growth products that generate a lot of cash.

The product life cycle is perhaps one of the most important things for a marketing manager to focus on and understand considering it allows them to effectively plan for the future (Perreault, Cannon, & McCarthy, 2011). Everything that occurred in the simulation was directly tied to product life cycles. Initially, CruiserThorr was well within the Maturity phase of the cycle and even beginning to enter Sales Decline. This is what caused the marketing team to evaluate the current situation and decide on a new marketing strategy. After that, the simulation continued to focus on CruiserThorr while also evaluating the effect of the new product of the RRoth motorcycle. This product is in the Introduction stage as it is a new product to the market. That is only the evaluation for each individual product though. As a whole the product of "motorcycle" is in the maturity stage as well. It has existed for

All products possess ‘life cycles.’ A product 's life cycle, abbreviated PLC, consists of a series of stages, beginning with its introduction to the market and ending with its decline and eventual withdrawal from the market.  As a product progresses through its life cycle, its sales and profitability change as it faces changing environmental pressures.   Knowledge of the product’s life cycle can provide valuable insights into ways the product can be managed to enhance sales and profitability.

The introduction stage is when a new product is made and it is lunched into its new market. Some problems that people face in this stage is people don’t know what the product is or they don’t know what it does. So most of the money in this stage is spent on explaining to people what they product does. In the growth stage the market is starting to like and accept the product and sales start to grow. Problems that people run into hear is the sceptics people who don’t believe in the product or don’t see a need for it. So to solve the problem is showing and convincing these people of the need and why it will help them and make their life easier. The maturity stage is when people know of the product and what it does. In this stage this is when sales will reach its peak. Some problems in this stage is up and coming products that are similar to yours and could do more then your product and offers more of a need. So to solve that problem innovate your product. Don’t get complacent at where you are with the product keep evolving the product and keep making better and more appeling. Then there is the decline stage. In this stage the product had become old something better has been created or come a long. This is when sales start to fall. To solve this problem is creating a new product or make server changes to the existing product that makes it better then the

However, marketers should not become complacent and they may seek to inject new life into the brand to prolong the growth stage and put off the onset of maturity. A mature product may need a facelift, and marketers must decide whether to support a declining brand or let it die a natural death.

Given how inter-related these issues are, the author decides to focus on the main underlying issues as highlighted in the case study; that is financial and competition issues. Sales and narrow product line are more on a business level as opposed to financial and competition which are more corporate in this context.