Product Life Cycle - Marketing Assignment help

Product Life Cycle - Marketing Assignment help

A product in its lifetime goes through stages right from its introduction, growth, maturity and decline. The company’s position and strategy must change as the product, market and competitors change as the time progresses.

When we speak about the lifecycle of a product, then we say that
· Products have a limited life
· Product sales pass through distinct stages, each posing different challenges, opportunities and problems to solve
· Profits rise and fall at different stages of the product lifecycle
· Products require different marketing, financial, manufacturing, purchasing and human resource strategies in each lifecycle stage

Product Life-cycle stages:
· Introduction: The product is introduced into the market. This is a period of slow sales growth. The company will not get any profits as the revenue is just enough to cover the heavy costs incurred to the introduction of the product.

· Growth: A period of rapid market acceptance and substantial profit improvement. This is the period where the company will make huge profits. Many competitors are lured into the market with huge profits enjoyed by the first product.
· Maturity: This is the stage where the product faces competition. Seeing the profits, competing firms enter the market with their version of the market. But, still the first company enjoys the position as the leader in the market. Slowly, the competition takes a serious turn as other firms make innovations to their versions and their sales start to increase. Seeing this the Pioneer company also starts to innovate and tries to get back the customers lost to other firms.

· Decline: Sales decline for a number of reasons including technological advances, shifts in consumer tastes and preferences, increased domestic and foreign competition. There is overproduction, increased price cutting and profit erosion. As sales and profits decline some firms withdraw from the market. The companies which are present, they further decrease the costs and forgo profits. The management being optimistic tries to think that eventually sales will improve and continue to struggle in these precarious situations.

It is often difficult to improve the condition of a product in the decline stage. Companies adopt different strategies for the sales improvement.

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Assignment help for Marketing management

Assignment help for Marketing management

Marketing is a Management practice which is used to identify the customers’ needs and wants. It is a process by which the customers’ needs and wants are taken and a suitable product, tailor-made to the specifications of the customers is produced.

Philip Kotler, who is one of the foremost authorities in the field of Marketing, defines Marketing as a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.

Marketing is one of the central functions of a firm, the others being Research and Development (R&D), Manufacturing, Finance, IT and Human Resources. All the functions mentioned here concentrate on internal matters where as Marketing is the only process that is concerned with external matters, the customer. It is a crucial process without which a firm cannot function. Even without a manufacturing, a firm can supply a product to the customer. But, without marketing, the customer would not come to the firm in the first place, except for in rare occasions.

Marketing being a subset of Economics derives many of its theories from Economics. Marketing includes concepts and topics like 5 C’s of marketing – company, collaborators, customers, competitors, and climate; Market Segmentation; Target Market Selection; Market Analysis – involving market sizing, drivers, restraints, trends, distribution channel, etc; 4P’s of Marketing; Brand Equity; Pricing Strategy; Product life cycle ; Business Marketing; Customer lifetime value (CLV); Customer relationship management (CRM); Marketing orientation; Integrated marketing communication.
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MARKETING ASSIGNMENT HELP

MARKETING ASSIGNMENT HELP

The process through which the manufactured goods and services are made known to the public is known as marketing. Marketing assignments is the criteria of choosing target population or target market through processes of market analysis and grasping the consumerbehaviour. Thus marketing proves as the link between a consumer’s material requirements and the supply of the goods demanded.

The important aspects of the marketing assignments are:

• Relevant Marketing Strategic theories, frameworks and concepts are used to solve Marketing case studies
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• 5 C's of marketing - company, collaborators, customers, competitors, and climate
• Market Analysis – involving market sizing, drivers, restraints, trends, distribution channel, etc
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• 4Ps of Marketing Assignment
• Marketing Research Assignment Help
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• Target Market Selection
• Market Segmentation
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• Marketing Orientation
• Internet Marketing
• Relationship Marketing

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