StudentShare solutions
Triangle menu

Product Life Cycle - Essay Example

Not dowloaded yet

Extract of sample
Product Life Cycle

5)." With this definition, it becomes apparent that marketing is not just about selling goods and services to customers. At the heart of marketing is delivering customer value to satisfy and even delight buyers. This calls for the efficient establishment of a marketing mix which takes into account all the essential factors in marketing commodities. In marketing a product, the extended marketing mix is used and is comprised of seven decision areas (7Ps) namely, product, people, price, promotion, place, process, and physical evidence.
The Product Life Cycle (PLC) model is an indispensable model which can be utilized in coming up with a well crafted marketing strategy. It is stated that "the product's current PLC position suggests the best marketing strategies (Kotler and Armstrong 355)" and that "the resulting marketing strategies affect product performance in later life-cycles stages (Kotler and Armstrong 355)."
This report will look at the use of PLC model as a tool in crafting an efficient and profitable marketing mix for Starbucks Corporation. The first section will give a more in-depth background of the PLC model. Next, it will be used to come up with a marketing mix for Starbucks in China and US. Another section will also be devoted in explaining how certain strategies extend the life cycle of a product in a certain market. The paper will conclude with its recommendations on using the PLC as a potent aid in making product policy decisions.


The Product Life Cycle Model: An Overview
The PLC model recognized that the life of a product in the market takes commonly follows five distinct stages. The first course is the product development stage which begins when the company finds and develops a new product idea. Introduction phase is the period where the product is finally launched into the target market. This stage is characterized by huge expenses which significantly drive down profit levels. Next is the growth period where the product goes through rapid market acceptance and increasing profits. The maturity stage is commonly the longest stage in the product life cycle which is characterized by slowdown in sales growth due to its general acceptance. In effect, profits typically level off or decline as the company makes efforts to defend the product against competition. The last stage is decline when the product's sales fall off and profits drop (Kotler and Armstrong 354).
Product Life Cycle in the Starbucks Context
According to Hoovers, Starbucks is the number one specialty coffee retailer having 10,000 coffee shops around the globe. Contrary to the common knowledge that the main product of Starbucks is coffee, an executive of the company declares that Strabucks doesn't sell coffee. Instead, Starbucks goes beyond selling premium quality coffee but it sells "an experience." According to Howard Behar, "We're not in the business of filling bellies, we're in the business of filling souls (qtd in Kotler and Armstrong 58)." With this in mind, Starbucks has conquered the globe with its coffee shop to share the "Starbucks experience."
In this section, we will utilize the PLC in crafting marketing ...Show more

Summary

This report focuses on the efficiency of using PLC in coming up with a suitable marketing strategy for business. Crafting the right marketing mix to give maximum value to customers and profit to business organizations is aided by the use of this business tool…
Author : hoegerwilbert
Product Life Cycle essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Product Life Cycle"
with a personal 20% discount.
Grab the best paper

Related Essays

Warfare about Product Life Cycle
The paper explains the concept of warfare in the context of marketing activities and strategies undertaken by the business organization. In direction to this the prime objective of this paper is explains different warfare and strategies, which are required to be taken into account from the side of the organization for the purpose of achieving some crucial long term success and sustainability within existing highly dynamic and competitive business environment.
17 pages (4250 words) Essay
The stages of the product life cycle and the marketing strategies
Introduction Product life cycle is an important marketing and business analytical tool that helps to measure the demand of the customers within a market place. Product life cycle is the period or design that generally starts with initial stage of product design.
10 pages (2500 words) Essay
Branding and product life cycle
Generally product life cycle consists of four common stages, such as introduction, growth, maturity and decline. This part of the essay will discuss about these four stages of product life cycle. Introduction The introduction stage of product life cycle is characterized by the low sales growth rate of products.
4 pages (1000 words) Essay
Product Life Cycle Management
The initial idea is to determine the needs of SMEs and their priorities for the benefits they would demand from the PLM system. The contributions of this project are twofold. First, to devise an appropriate approach for SMEs to adopt and implement PLM system functions that reflects the need of individual company.
18 pages (4500 words) Essay
Product Life Cycle and Consumer Loyalty
In the first case, the product is Pantene Pro-V shampoo. Proctor and Gamble markets a vast line of consumer merchandise, including a personal care segment that has cleansers and other hygiene-related products such as Pantene Pro-V shampoo. In considering the reason why an individual would be loyal to this particular brand over the many others available, research into the product life cycle provides some likely reasons.
2 pages (500 words) Essay
Marketing and Product Life Cycle
The introduction of Key Ring in the market will be accompanied by wide publicity efforts utilizing the major channels like television, magazines, radio, and newspaper advertisements. These campaigns will begin as early as a month before the launch date of Key Ring in order to raise awareness and make the customers excited about the launching.
2 pages (500 words) Essay
Case Study BMW: 'Newness and the Product Life Cycle
The company take advantage of the introductory stage as an opportunity to deliver an improved version of its existing car models by adding
3 pages (750 words) Essay
Product Life Cycle
introduction stage where the product is introduced in the market, in this phase there are low profits or the firm may be incurring losses, there is also low competition in the market and the firm can use penetration or skimming method to enter the market. The second phase is
1 pages (250 words) Essay
Impact of competitive environment and product life cycle of sony camera TF-1
The camera has also increased in the local and international scale because of its sophistication. According to Murray (2011, 34), the Sony camera TF-1 gives people the freedom to shoot in exclusive cases.
3 pages (750 words) Essay
Three stages in the international product life cycle theory
The theory divides product life cycle into four stages. However, when sales volume is considered it is divided into three stages which are growth, maturity, and decline. Growth is
2 pages (500 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation