Development Of A PowerPoint Presentation On The Product

Development of a PowerPoint Presentation on the Product

Assignment Steps Resources: Marketing: Ch. 1: pg. 4-10; Ch. 2: pg. 40-46, 54-69; Ch. 11: pg.

Scenario: You currently work as the marketing manager of your favorite company/organization and manage the success of one of its products or services. Your responsibility is to monitor the stages of the Product Life Cycle (PLC) and adjust the marketing strategies as needed for your product to thrive for as long as possible. At each stage, you assess changes you need to make to the product, price strategy, as well as competition and profit. Create a 10- to 20-slide (not counting cover slide or reference slide) Microsoft ® PowerPoint ® presentation with speaker's notes covering the following criteria: Develop a slide setting the theme and goals of the presentation. Define and discuss the PLC concept and its importance to marketing managers.

Define and discuss what role pricing strategy has in marketing and how marketing managers decide what strategy to use. Describe what company/organization and product/service you are using. Create one slide for each of the four stages of the PLC describing the stage and analyzing the implications each stage may have on price strategy, product, competition, and profit for your selected product/service. Use the product/service you selected to illustrate each stage as it is discussed with original examples. Discuss the reasoning behind why the PLC is important to marketing managers and share examples of possible implications if it is not monitored.

Paper For Above instruction

Developing an effective marketing strategy requires a comprehensive understanding of the Product Life Cycle (PLC), which delineates the stages a product passes through from introduction to decline. As a marketing manager, it is imperative to monitor each stage to adjust marketing mixes proactively, maximizing product longevity and profitability. This paper presents a detailed PowerPoint presentation plan addressing the PLC, its significance, pricing strategies, and implications at each stage using a hypothetical product: a new electric scooter designed for urban commuters.

Introduction and Goals

The presentation begins with a slide that sets the theme: managing the Product Life Cycle for sustained success. The goal is to educate stakeholders on the PLC concept, demonstrate how pricing strategies evolve through each stage, and illustrate practical applications using the electric scooter example. By the end, viewers will appreciate the interconnectedness of product management decisions and the importance of vigilant PLC monitoring.

Understanding the Product Life Cycle and Its Significance

The PLC describes the progression of a product through four primary stages: introduction, growth, maturity, and decline. Each phase presents unique challenges and opportunities that influence marketing strategies. The importance of understanding the PLC lies in enabling managers to allocate resources efficiently, optimize pricing, adapt promotional efforts, and respond to competitive dynamics effectively. If neglected, misjudging the stage can lead to untenable costs or missed market opportunities, risking product failure (Kotler & Keller, 2016).

The Role of Pricing Strategy in Marketing

Pricing strategy is a vital component of the marketing mix, directly affecting demand, revenue, and market positioning. Managers decide on strategies such as penetration pricing, skimming, competitive pricing, or discounting based on the product’s lifecycle stage, competitive environment, and consumer perceptions (Crawford, 2021). For instance, during the introduction stage, an Skimming approach might capitalize on early adopters' willingness to pay a premium, while during maturity, competitive pricing may sustain market share.

Product and Company Description

The selected product is an innovative electric scooter called "UrbanGlide," designed for eco-conscious city dwellers seeking convenient transportation. The company, EcoRide Inc., aims to enhance urban mobility while promoting environmental sustainability. This product is entering its introductory stage, with high growth potential in urban markets committed to green technology.

Stage 1: Introduction

The introduction stage involves launching the electric scooter in select urban markets. Marketing efforts focus on building awareness and educating consumers about its benefits. Pricing strategies such as price skimming could be employed to recover high initial costs and portray a quality image. Implications include higher marketing expenses, low sales volume, and limited competition initially. Prices may need to be high to cover costs, but competitive pressures could force adjustments (Baker et al., 2020).

Stage 2: Growth

As demand increases, EcoRide Inc. can lower prices slightly to attract a broader customer base, employing a penetration pricing strategy. Increased sales volume and expanding distribution channels characterize this stage. Competition emerges as other companies introduce similar products, pressing the need for differentiation and value-based pricing. Profits grow, but the company must monitor customer feedback and adapt marketing to sustain growth (Knox & Walker, 2019).

Stage 3: Maturity

During maturity, sales stabilize, and competition intensifies. Price competition may lead to discounts and promotional prices to retain market share. Product modifications, such as adding features or improving battery life, can differentiate the product. Profit margins decline due to increased promotional expenses and price wars. The company must focus on customer loyalty and cost management (Lamb & McDaniel, 2018).

Stage 4: Decline

In the decline stage, sales decrease due to market saturation or technological obsolescence. The company might reduce prices further, discontinue some models, or find niche markets. The implications include declining profits and the need for strategic decisions such as harvesting profits or product discontinuation. Monitoring the PLC prevents costly missteps and ensures resource allocation aligns with current market realities (Kotler et al.,2017).

Importance of Monitoring the PLC

Effective monitoring allows marketing managers to anticipate changes, adjust strategies proactively, and maximize product lifespan. Ignoring the PLC can lead to overinvestment during decline or missed opportunities during growth. For example, failing to adapt pricing or innovation at the right time can result in lost market share or product obsolescence. Strategic PLC management ultimately sustains profitability and competitive advantage (Hollensen, 2020).

Conclusion

The Product Life Cycle provides a valuable framework for managing products strategically through their phases. Coupled with appropriate pricing strategies, it ensures that marketing efforts are aligned with market realities, maximizing the product’s success. For the electric scooter example, continuous assessment at each stage enables EcoRide Inc. to adapt dynamically and maintain competitive edge in urban mobility solutions.

References

• Baker, M. J., Hart, S., & Dent, P. (2020). The marketing book (7th ed.). Routledge.
• Crawford, C. (2021). Strategic marketing management. Oxford University Press.
• Hollensen, S. (2020). Marketing management: A relationship approach. Pearson Education.
• Knox, S., & Walker, D. (2019). The four stages of the product life cycle. Journal of Marketing Research.
• Kotler, P., & Keller, K. L. (2016). Marketing management (15th ed.). Pearson.
• Kotler, P., Wong, V., Saunders, J., & Armstrong, G. (2017). Principles of marketing (7th ed.). Pearson.
• Lamb, C. W., & McDaniel, C. (2018). Marketing. Cengage Learning.
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• Yadav, M., & Singh, N. (2019). Pricing strategies for sustainable product growth. International Journal of Marketing Studies, 11(2), 44-56.