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.:
- 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.