The Product Life Cycle (PLC), is a theory that has strong roots in marketing and is a standard for determining the historical development of products and industries from introduction to a presumably eventual decline. Each stage of development has its own characteristics focusing on pricing, advertising and promotion, level of competition, degree of differentiation, etc. Chapter eleven of your text provides an excellent overview of the qualities of the PLC and there are numerous Web sites that further the theory.
Children’s toys from the 20th century have come and gone as technological advancements, changing preferences, altered utilization of time, a more diversified schedule of activities, and other socioeconomic developments have all influenced the way children play today. While Tinker Toys, Lincoln Logs, Erector Sets, Barbie Dolls, and many of the popular toys of the mid-twentieth century can still be found, their better days are distant memories.
This assignment directs you to research the history of the model train industry from its early beginnings and analyze its future potential. Perhaps the PLC is the best means by which to examine the development of this icon within the toy market. Your task is to use the diagram and characteristics of the PLC for the sole purpose of analyzing the model train industry market to: 1) create a timeline and a defense of your position for each of the four stages: introduction, growth, maturity, and decline, and 2) determine the fate of the industry from present day going forward based on your findings.
Your submission must be limited to six brief paragraphs using a block style similar to this paper, and Calibri, Times New Roman, or similar type style. The expectation of the content provided for each of the six paragraphs is as follows:
1) An introduction paragraph
2) The introduction stage
3) The growth stage
4) The mature stage
5) The decline stage
6)The future of the industry