Homework Question on The Product Life Cycle
- Discuss what kinds of strategic viewpoints marketers should pay attention to—i.e., for the suggestion of a conceptual framework called product development and management strategy. Remember that this conceptual framework is based on the popular concept of product life cycle (PLC).
- In order to develop a new product and manage existing products or brands for product development and management strategy, marketers should have a clear understanding about what the essence of product is. Consider your definition of market offering (or broadly speaking, product) which is designed to satisfy consumers’ unmet needs. In addition, identify major decision-making issues with respect to the design of a new product.
- Whenever marketers feel that the company does not have an optimal product mix (or portfolio), they need to initiate new product development process (NPDP) to fill out an empty area. Discuss the detailed steps in the new product development process that they need to follow.
- It is recommended that marketers manage their new and existing products over the product life cycle (PLC) and develop an appropriate product and marketing strategy depending on the stage of each product in the PLC. Discuss key ideas of product life cycle and what kinds of strategies are suggested to follow at each stage of the product life cycle. Section II: Article Analysis – “Product and Branding Strategy”
- (Optional) Read the article written by Sultan and Rohm (2005) – “The Coming Era of “Brand in the Hand” Marketing.” Discuss the main perspectives of this article and how to apply the concepts of this article to the real marketing situations write a short easy for each point
Homework Answer on The Product Life Cycle
Discuss what kinds of strategic viewpoints marketers should pay attention to—i.e., for the suggestion of a conceptual framework called product development and management strategy. Remember that this conceptual framework is based on the popular concept of product life cycle (PLC)
In consideration of the viewpoints that the marketer may have, the product life cycle (PLC) is one of the major concepts that should be taken into consideration. This concept is closely related with marketing situation, it affects marketing strategy and marketing mix. In this regard, the marketers should pay attention to the introduction which involves the creation of the product awareness. In this stage, the marketer should know that they are supposed to have insight on branding, pricing strategy, the distribution of the said product and the promotion.
In order to develop a new product and manage existing products or brands for product development and management strategy, marketers should have a clear understanding about what the essence of the product is. Consider your definition of a market offering (or broadly speaking, product) which is designed to satisfy consumers’ unmet needs. In addition, identify major decision-making issues with respect to the design of a new product
In consideration new product design, three important concepts will be considered, mix, depth and width. In the mix the designed product will offer more than one good or even service. Designed product will carry varying depths, meaning that the number of products found in the product line. In terms of width, the number of the lines that are available for the designed product will be measured.
Whenever marketers feel that the company does not have an optimal product mix (or portfolio), they need to initiate a new product development process (NPDP) to fill out an empty area. Discuss the detailed steps in the new product development process that they need to follow.
The new product development process is made up of five stages, these are the stages that each, marketer should follow when the company does not have an optimal product mix. The first stage should be about the idea generation; this is where the business gets its ideas from. The marketers can get information for the product through the customers, books, news and many other sources. This phase is important because it helps create the other stages. The second stage is, screening; one reason for doing screening is to remove ideas that are not viable.