There is a growing acceptance in the use of models in mainstream marketing planning. Although there...

There is a growing acceptance in the use of models in mainstream marketing planning. Although there are obvious limitations to all models used in a practical way, they form a good basis for planning. One of the most used being the Product life cycle (PLC) model.
a. Briefly describe the concept behind the PLC model. 10 Marks.
b. Identify a situation in real business environment where this concept/model can be used. 5 Marks
c. What would be the advantages and limitations of this model?

Expert Solution

A. Concept behind use of the product lifecycle mechanism is to know about the various stages of a product like when the product will be in the introduction stage or the product will be in the growth stage or the product will be the maturity stage or a product will be in the decline stage

it is needed to find out the demand and various strategies which should be adopted in order to counter with the various life cycle of the product in order to maximize the rate of return and maximize the overall value of the organisation.

B. Real business situation like when a product which has entered into the growth stage, such as Reliance jio which is acquiring a large amount of market share in India is adopting aggressive strategy in order to acquire more of the market share by reduction in its prices in order to eliminate its competitors

C.benefits which are related to product life cycle will be decision making, it would also be help in forecasting of the business, it will also be help in gaining up with a competitive advantage and it will help in maximization of the overall rate of return of investors and Company

various limitations associated with this product life cycle are that these methods are not highly productive when there is decrease in the sales data and there is fluctuation in the sales data along with their is a lack of forecasting methods available to the organisation.

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