Product Life Cycle and Branding
As you now know, understanding where a product is in its life cycle is critical in the process of making decisions about advertising, promotion, product changes or improvements, and new product introduction. Consider products you know. Are these products in the introductory stage of their PLC or more near maturity? What "improvements" have been made to products that are in the later part of their PLC?
Now think about all the brands you know and trust. How did these products build the kinds of reputations they enjoy today? As you are well aware, brands can make purchasing decisions easier and creating a successful brand can go a long way toward the successful introduction of new products under the successful brand banner.
Post a 150- to 250-word response to two of the following:
- Explain the concept of the product life cycle (PLC) and how it impacts the marketing of a product. Select one product or service on which to focus and explain where it is in the PLC. Include the strategic implications of being in this stage of the PLC.
- Explain the concept of branding. Why is branding important for a company?
- Think about a product you like and use on a regular basis (needs to be a product that can be used by both males and females) and the company that makes the product. What kinds of spinoff products might this company consider producing? What kinds of marketing research could you conduct to determine if this spinoff or expanded product offering may be successful in the marketplace? How can you ensure validity and credibility in your research? How can you ensure that the answers you get from your market research assessments are accurate for guiding your decision? Justify your rationale.