Product Life Cycle

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REPORT

Content

1. Definition of marketing

2. Advantages and disadvantages of marketing

3. Principles of marketing

- marketing mix

-consumer buying behaviour

-Advertisement

4. Definition of product life cycle

5. Stagers of product life cycle

How marketing manager used it as a planning tool

7. Conclusion

Introduction

This report is presented by one of the marketing experts highlighting all the arears covered in the presentation. We where presenting mostly on the benefit of marketing, the disadvantages and the advantages, product life cycle, evaluating on the stages and how it can be used as a planning tool to the marketing managers. Relating it to the a shoe manufacturing company.

Definition of marketing

As the term implies, people think marketing is all about buying and selling of goods and services. Though it deals with buying and selling, it also involves identifying, anticipating satisfying and creating good relationship with customers. The Chartered institute of marketing define marketing as the management process responsible for identifying, anticipating and satisfying customers’ requirements profitably. Kotler and Armstrong in their book define marketing as the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return While the American marketing association define marketing as the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchange that satisfy individual and organisational objectives

Advantages and disadvantages of marketing

Organisation has benefit a lot on marketing today than before where managers lack the ability to plan and anticipate for future changes before they carry on with marketing. With this, organisation is able to -Produce Good quality product in other to satisfy customer desire -Carry on effective promotion in other to inform the public about their product -Using Good distribution strategy like personal selling in other to educate the customers more on their product -Setting up affordable prices for their product so as to attract customer and gain the market -Marketing help marketer to understand the buying behaviour of the customer there by creating good relationship

On the other hand, the disadvantages of marketing is as follows -It is very costly
-Time consuming
-Hard to achieve product differentiation and stand out from competition

Product life cycle

A product life cycle is a management tool in marketing based on a new product entering the life cycle once it is launch from the development stage to the decline stage. The product life cycle is usually presented on a curve but not all products fits in to the curve. This is because some product has longer life span than others.

Regarding our presentation, we came out with three principles of marketing which we evaluate on them in the stages of product life cycle. These principles involve

Consumer Buyer Behaviour:
“The act of individuals directly involved in obtaining and using goods and services, including the decision process that precede and determine these acts” (Lancaster and Reynolds )

Advertising
This is the act of communicating massage to customers by using advertisement media informing and influencing them regarding to their product. The main purposes of advertising are • To impart information

• To develop attitudes
• To induce action beneficial to the advertiser

Marketing mix
Marketing mix involve the tools used by marketers to target their customers That is, product, price, promotion and place (distribution)

Stages of product life cycle and as a planning tool for marketers

Development: this is the stage where the product has just been produce where no...
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