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  • Subject Name : Strategic Marketing Management

Product Life Cycle

“As a planning tool, PLC is accurate for all the product categories”

The statement “as a planning tool, the product life cycle is accurate for all the product categories” is absolutely correct. PLC plays an important role as a planning tool for all product categories. The product life cycle is the most popular marketing concept and all the marketing executives are well aware of this concept. So many people knew about this concept and using it in a productive and effective manner. People understand the worth of the product life cycle concept in the marketing field. According to the study conducted by ( Zhang, M. (2016)), states that PLC is an important tool for market evaluators and market management. It is an important tool for all products. All the products went through the product life cycle before and after its introduction in the market.

There are four factors that validate the statement “As a planning tool, PLC is accurate for all the product categories”

The product life cycle consists of various factors and stages that include market development, market maturity, market growth, and market decline. all the products went through the product life cycle and it can be said that PLC is accurate for all product categories Initially, the major factor that plays an important role in PLC is market development when a new product is launched in the market before its demand and technical analysis. In the initial market development stage, the demand is created in the market to attract fruitful consumers. during market development, there is a rapid increase in the sales curve. When market demands expand quickly and the product demand begin to increase in the market and attracts new customers. Then a point comes when the demand levels off. In this stage the margin and the prices of products get depressed. The consumer feels bored. Fashion and styling play an important role in getting relief from this boredom and play constant rejuvenate role. Market decline stage starts the stage when sales drift downward and products start losing their consumer appeal. So these are stages and factors of PLC (product life cycle) and all the products go through PLC. The statement “as a planning tool, PLC is accurate for all the product categories” is absolutely correct.

Examples that illustrate the statement “As a planning tool, PLC is accurate for all the product categories”

Tablet PCs:- Tablet PCs are firstly introduced in the market they grow rapidly they have high consumer demands, however when more substitute competitors start coming in the market the demand for tablet PCs declines and it rarely developed after the introduction of apple’s iPad.

Typewriter:- Initially when the typewriters have launched they gain popularity in the market and its sales expand. However, when the new electronic technologies like computers, smart phones, laptops start introducing the market the demand for typewriters starts to drop off. This example clearly states that PLC is accurate for all the product categories.

The above-stated examples state that “as a planning tool, PLC is accurate for all the product categories”. it is clear from the above examples that all products go through PLC process and PLC is accurate for all product categories. Successful product strategy is a key point to earn profits and continued growth; new product strategy should be designed as long term planning. Appropriate pre-planned strategies or programs help in market expansion. firstly, the originator should expand the market in between their current users, the expansion of the market into new customers and then finally search new customers this plan will help in the future expansion of products.

References

Tao, F., Wang, Y., Zuo, Y., Yang, H., & Zhang, M. (2016). Internet of Things in product life-cycle energy management. Journal of Industrial Information Integration, 1, 26-39.

Mahapatra, S., Narasimhan, R., & Hult, G. T. M. (2020). Sourcing strategy across product life cycle stages: relevance of multiple-mode governance. International Journal of Integrated Supply Management, 13(1), 1-27.

He, B., Luo, T., & Huang, S. (2019). Product sustainability assessment for product life cycle. Journal of cleaner production, 206, 238-250.

Kobayashi, H., Matsumoto, T., & Fukushige, S. (2018). A simulation methodology for a system of product life cycle systems. Advanced Engineering Informatics, 36, 101-111.

He, B., Pan, Q., & Deng, Z. (2018). Product carbon footprint for product life cycle under uncertainty. Journal of Cleaner Production, 187, 459- 472.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Strategic Marketing Management Assignment Help

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