To ascertain: The products management during the different stages of the Product Life cycle.
Introduction:
Product Life Cycle: It describes how a product travel with the time which starts from its launch and ends when is removed from the product line. The life of the product when it reaches to market and when it is removed from the market helps a company to take measures according to each and every step. It describes 4 stages from which the product goes and whenever a product reaches to a certain stage in the Product Life cycle, the company formulates its strategies according to the stage to maximize the benefits to be gained from that stage. The sales, profits and many other things changes after every stage and requires different type of promotions, innovations, financing, manufacturing, human resources after every stage.
Want to see the full answer?
Check out a sample textbook solutionChapter 9 Solutions
MARKETING:REAL PEOPLE,REAL CHOICES
- Discuss how a company can maintain success for products in the mature stage of the product life cycle and give examplesarrow_forwardWhy is it important for marketers to understand the product life cycle?arrow_forwardHow stages of the product life cycle relate to a firm’s marketing objectives and marketing mix actions.arrow_forward
- Explain in details why firms must introduce new products and how they go about it.arrow_forwardExplain why some products succeed and others fail?arrow_forwardUsing an example to illustrate your answer, discuss how and why the product element of the marketing mix should be managed across the FOUR stages of the product life cycle.arrow_forward
- Contemporary MarketingMarketingISBN:9780357033777Author:Louis E. Boone, David L. KurtzPublisher:Cengage LearningFoundations of Business (MindTap Course List)MarketingISBN:9781337386920Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage LearningFoundations of Business - Standalone book (MindTa...MarketingISBN:9781285193946Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning