The marketplace is in a constant state of flux with new products entering the market while others are exiting the market. Some products may have relatively longer “product lives”, think of a #2 pencil, while others may have relatively shorter “product lives”, think of a product like Crocs. Marketers must somehow put these product lives in context of other competitors to better help them manage their company’s products.
Read Chapter 9 in your textbook.
Review the concepts of the Product Life Cycle (PLC)
Select one product or service marketed by the organization where you work.
Navigate to the threaded discussion below and answer the following questions:
What stage is the product in the PLC? Why? Table 9.4 Summary of Product Life-Cycle Characteristics, Objectives, and Strategies in the textbook lists five characteristics for each stage of the PLC. Fully explain each of the five characteristics for the PLC stage for the product you selected. Defend your answer with a detailed evaluation that is clear and insightful.
Table 9.4 also suggests a product strategy for each stage of the PLC. Fully explain why it is the best growth strategy for the selected product at this time. Defend your answer with a detailed evaluation that is clear and insightful.
Your initial post should be 200 to 300 words in length, include two academic sources that are properly cited according to APA style, and is due by the end of the fourth day of the workshop.