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Marketing Plan Essay

8164 words - 33 pages

ASSIGNMENT ON MARKETING MANAGEMENT
ASSIGNMENT ON MARKETING
MANAGEMENT
BY RAHUL GUPTA Q.1 Write a short note on product life cycle? Answer
 Introduction: Product life cycle management is the succession of strategies used by management as a
product goes through its product life cycle. The conditions in which a product is sold changes over time and must be managed as it moves through its succession of stages.
Product life cycle: A product's life cycle (PLC) can be divided into several stages characterized by the
revenue generated by the product. If a curve is drawn showing product revenue over time, it may take one of many different shapes, an example of which is shown below:
RAHUL GUPTA, MBAHCS (2ND SEM), SUBJECT COCE- MB0030, SET-2 Page 1

ASSIGNMENT ON MARKETING MANAGEMENT
Product Life Cycle Curve
The life cycle concept may apply to a brand or to a category of product. Its duration may be as short as a few months for a fad item or a century or more for product categories such as the gasoline-powered automobile.
Product development is the incubation stage of the product life cycle. There are no sales and the firm prepares to introduce the product. As the product progresses through its life cycle, changes in the marketing mix usually are required in order to adjust to the evolving challenges and opportunities.
Introduction Stage:
When the product is introduced, sales will be low until customers become aware of the product and its benefits. Some firms may announce their product before it is introduced, but such announcements also alert competitors and remove the element of surprise. Advertising costs typically are high during this stage in order to rapidly increase customer awareness of the product and to target the early adopters. During the introductory stage the firm is likely to incur additional costs associated with the initial distribution of the product. These higher costs coupled with a low sales volume usually make the introduction stage a period of negative profits.
During the introduction stage, the primary goal is to establish a market and build primary demand for the product class. The following are some of the marketing mix implications of the introduction stage:
RAHUL GUPTA, MBAHCS (2ND SEM), SUBJECT COCE- MB0030, SET-2 Page 2

ASSIGNMENT ON MARKETING MANAGEMENT
• Product - one or few products, relatively undifferentiated • Price - Generally high, assuming a skim pricing strategy for a high profit margin as
the early adopters buy the product and the firm seeks to recoup development costs quickly. In some cases a penetration pricing strategy is used and introductory prices are set low to gain market share rapidly.
• Distribution - Distribution is selective and scattered as the firm commences implementation of the distribution plan.
• Promotion - Promotion is aimed at building brand awareness. Samples or trial incentives may be directed toward early adopters. The introductory promotion also is intended to...

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