Essay on the Product Life Cycle

Order Description
Essay QUESTION
Q.Outline the stages of the PLC(30%). then describe how it applies to a product of your choice(70%)
Choose a product and apply the stages of the product life cycle to it.
Try to link the marketing mix to the four stages also.
Example
Introduction-sales growth may be low,losses may occur due to high development and promotional costs.
Firms will monitor the speed of product adoption and may terminate if disappointing
Price will be highest at this stage and firms look to create product and brand awareness
Patchy distribution
Growth-faster sales and profit growth
Firms will look for market penetration,brand preference,differentiation,awareness and repeat purchase
Price could be lowered
Distribution would be widened
Maturity-sales peak and flatten
Saturation may occur resulting in a strain in profit margins
Firms will try to counteract this with promotions,offers,discounts and price cutting
Price will be lowest
Intensive distribution
Decline-sales and profits fall
Harvest or divest strategies will be considered
Prices may rise
Distribution will be selective
New technology or a change in consumer taste will reduce demand.

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