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MKT421MappingtheProductLifeCyclePLCPresentation2.pptx
MAPPING THE PRODUCT LIFE CYCLE (PLC)
Greetings Ladies and Gentlemen,
Thank you for giving me the opportunity to present Mapping the Product Life Cycle. The topics of today’s presentation are as follows:
LG
LG V35 ThinQ
Product Life Cycle
Concept
Importance
The four stages of Product Life Cycle
Pricing Strategy
Lg
Televisions
Washers/Dryers
Cellphones
Cameras
Dishwashers
Stoves
Vacuums
Air Conditioners
Deep Freezera
Blu-ray / DVD players
Sound bars/Speakers
Home theather systems
Laptops
Microwaves
LG stands for Lucky Gold-Star it was company that was established back in 1958. Many people think that LG stands for Life’s Good. It is an South Korean owned company. LG Electronics, Inc. is a global leader and technology innovator in consumer electronics, mobile communications and home appliances. There are many different electronics and appliances that LG specialize in. LG electronics are designed to be intuitive, responsive and energy efficient so you can spend wisely, be more productive and lessen the impact on the world around you.
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lG v35 Thinq
Display 6.1”QHD+FullVision
Front 8MP & Rear 16MP/16MP Camera
Capture bigger pictures
Suggest better filters
Lighten pictures up
Battery 3000 mAh
Memory 64GB Ram: 4GB microSD Support
Processor 2.8GHz Octa-Core
Surround Sound
This Photo by Unknown Author is licensed under CC BY-NC-ND
This Photo by Unknown Author is licensed under CC BY-NC-SA
Although LG have plenty of products to choose from I chose to discuss their smart phones. LG have a variety of smart phones to choose from. The most recent product that has hit the market is the LG V35 ThinQ. It is in competition with some of the other known brands for cellphones such as Iphone, Samsung and HTC. There are many different things that this product has to offer. All major carriers offer service for this product such AT&T, Sprint, T Mobile, and Verizon. I personally like LG phones because of the storage.
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Product life cycle (PLC)
The product life cycle has four stags introduction, growth, maturity, and decline. The demand for all products does not always decline.
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Definition
It describes the period of time over which an item is developed, brought to market and eventually removed from the market.
Concept
It is used in marketing to decide when it is appropriate to advertise, reduce prices, explore new markets or create new packaging.
Importance to marketing managers
It is important because it explains the stages that a product goes through from the beginning as being an ideal to when the demand of the product has declined.
Pricing Strategy
Is the value that is put to a product or service and is the result of a complex set of calculations, research and understanding and risk taking ability.
This Photo by Unknown Author is licensed under CC BY-NC-ND
The price of merchandise depends as much on how and to whom it is being marketed as on its inherent value. A pricing strategy takes into account segments, ability to pay, market conditions, competitor actions, trade margins and input costs, amongst others. It is targeted at the defined customers and against competitors.
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The four stages of product life cylce
This Photo by Unknown Author is licensed under CC BY-SA
Introductory stage
During this stage the prices of the product may be either high or low. Higher prices tend to attract competitors that wants to get into to the market because of all the profits. The LG V35 ThinQ is introduced everyone as being the newest innovative smart phone to hit the market. It has some of the same features as the Iphone and Galaxy S9 but it sleeker and more storage.
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Description
This stage happens when it is introduced to it’s targeted market.
It can be the most expensive when launching a new product
Pricing Strategy
A high initial price may be used as part of a skimming strategy to help the company recover the costs of development as well as capitalize on the price insensitivity of early buyers.
To discourage competitors a company can price which is called penetration pricing.
Growth Stage
Competitors will have time to assess the product, predict its impact on the market and potentially respond with a similar or improved version of the offering. The total size of the market tends to grow, and the new competitors can increase their sales by attracting new customers rather than undercutting each other on price. An increase in the number of distribution outlets tends to go in hand with this.
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Description
Is characterized by rapid increases in sales which is known as the take-off point.
Profits generate and sales revenues are increases quicker than cost.
Pricing Strategy
Reduce prices enough to expand the market and establish market share.
Maturity stage
Sales increase at a decreasing rate in the maturity stage as fewer new buyers enter the market. Profit declines due to fierce price competition among many sellers, and the cost of gaining new buyers at this stage rises. The maturity stage tends to last longer than the other stages.
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Description
Is characterized by a slowing of total industry sales or product class revenue.
Marginal competitors begin to leave the market.
Pricing Strategy
Match or beat the competition.
Decline stage
Description
When sales drop.
Pricing Strategy
Reduce prices further.
This Photo by Unknown Author is licensed under CC BY-NC-SA
This happen as a result of substitute products which satisfy customer needs better than the previous product. Products in the decline stage tend to consume a disproportionate share of management and financial resources relative to their future worth. A company will follow one of two strategies to handle a declining product deletion and harvesting.
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