LIFECYCLE PAPER - Explain what is known as the product lifecycle and discuss ways that the product…
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Explain what is known as the product lifecycle and discuss ways that the product lifecycle can be managed by organizational executives.
Did you ever wonder why some of the things you used to buy you can no longer find in your favorite store? It is because all products have what is known as a life cycle. The product life cycle describes four stages beginning with the product introduction stage then progressing through the growth, maturity, and finally the decline stages. Managing these stages well can result in a longer life cycle, which is obviously desirable for most products.
- Develop a deep understanding of the product life cycle and how it relates to various marketing activities.
- Prepare product or service examples related to each stage in the cycle.
- Write a 3-4 page paper explaining the product life cycle and how it relates to appropriate potential marketing activities and objectives. Ensure the following points are addressed.
- Clear explanation of the five stages of the product life cycle.
- Product or service examples related to each stage.
- Marketing objectives related to each stage of the product life cycle.
- Appropriate depth and support are expected.
- Ensure that you use the Paper Writing rubric to guide your efforts and apply the required formatting style.