Importance concept product cycle business planning and bud

After years of nearly percent focus on cost-cutting due to the recession, company boards are now pushing their organizations to find ways to grow the business. In fact, most CEOs are looking to gain both efficiencies and differentiation at the same time. For most of them, technology is one way of capturing both.

Importance concept product cycle business planning and bud

To what extent is the concept of the product life cycle a useful tool for marketing managers? Credit will be given for references you make to relevant examples from real companies. This paper will discuss about the use of PLC to the marketing managers in making different marketing strategies.

Importance of PLC The study of product life cycle is very important for the marketing managers to develop and implement appropriate marketing strategies. Every phase of PLC is essential to analysis by the marketing manager.

It not only includes the product planning but also the pricing and the promotion policies. Following phases of PLC help marketing manager in formulating different strategies. During this stage, the main focus of the marketing manager is to develop appropriate strategies to create market for new product Holtzman, It needs to develop proper promotional tools for the product.

The Concept of Product Life Cycle as a Useful Tool

The usability of introductory stage to marketing managers can be understood by the example of "Windows XP" of Microsoft. During its launch, the marketing manager focused on creating need of Windows XP among its current and prospective customers. For this, marketing manager highlighted main features of Windows XP which was unique to market Microsoft, Due to new product for the market, marketing managers Solution Summary The solution discusses if the concept of product life cycle is useful tool to marketing managers.Financial Management and Planning with the Product Life Cycle Concept David R.

Rink, Dianne M. Roden, and Harold W. Fox M odern firms are confronted with inten- siding global competition, rapidly evolving technology, rising costs, and mercurial customer preferences.

Port Manteaux churns out silly new words when you feed it an idea or two. Enter a word (or two) above and you'll get back a bunch of portmanteaux created by jamming together words that are conceptually related to your inputs..

For example, enter "giraffe" and you'll . Capital budgeting is the process in which a business determines and evaluates potential large expenses or investments.

Importance concept product cycle business planning and bud

These expenditures and investments include projects such as building a new. The importance of the concept of the product cycle to business planning and budgeting is then therefore that it works as a reliable and fundamental planning guide and monitoring tool for handling costs and budgets at each stage of a product and allows for adaptations to be processed and developed in accordance to challenges faced at 5/5(1).

To what extent is the concept of the product life cycle a useful tool for marketing managers? provides important perspective for the formulation of strategies (Mohan & Krishnaswamy, ).

It not only includes the product planning but also the pricing and the promotion policies. the most important concept of evaluating these investments. No two segments can have the same ideologies or require a similar plombier-nemours.com Marketing refers to a concept in marketing which helps the marketers to divide the market into small units comprising of likeminded people.

Concept of the product cycle for business planning and budgeting | Essay Example