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CIS 5675 Project Management

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Answer:

Introduction to the terms PLC and NPD

NPD refers to the New Product Development, which is being undertaken by the companies in order to make progress in the market. On the other hand, the products that are being developed by the organization are based on the requirements of the consumers. The set of steps that are incorporated within the scheme of the NPD process helps in the proper development of the organization through understanding the requirements of the consumers.

On the other hand, the Product Life Cycle (PLC) that is being faced by the products helps in determining the availability of the products in the market. The life span of the commodities is based on the requirements and the other factors like the availability of the resources and the growing competition in the market.

Concepts 

The improvements made by the multinationals are based on the development of the range of their products and the services based on the requirements of the consumers. The proper product development processes helps the organization sin understanding the changing requirements of the consumers and thereby bring in modifications (Stark, 2015). However, the sustenance of the products in the market is based on the principle of the product life cycle. It helps in determining the time span of the availability of the product in the market. For example, the Motorola T180 has become obsolete with the introduction of the latest android technology. It is perhaps due to the innovation that is being undertaken by the competitors or the changing requirements of the people, which caused its downfall (Smith et al., 2013). The product life cycle helps the entrepreneurs in understanding the availability of the product in the market based on the requirements of the consumers and the retention of the brand in the market.

Stages in the PLC 

The stages of the product life cycle help in determining the total availability of the product from its development or the inception to the decline. This section of the report focuses on the stages and thereby discusses the importance of every stage.

Product development

The development of the products is probably the most important step that the company administers in order to cope up with the requirements of the consumers (Smith et al., 2013). The development of the product, based on the requirements of the consumers, help the organization in undertaking the sustainable approach and thereby assume the availability of the product in the market for the specific time span.

Market introduction

The market introduction of the product helps the organization sin exposing and reaching out their products to the target consumer groups. It helps in maintaining the profitability of the organization through proper promotional events and the positioning of the product in the market.

Growth

The growth of the product in the market is based on the requirements of the organization to make its progress in the market (Chiu & Chu, 2012). The product that is being designed to fulfill the requirements of the target consumers helps in determining the different aspects of the progress made by the organizations.

Maturity

The maturity of the product in the market refers to the peak of demand that is being faced by the product. it helps in understanding the utility of the product and the manner in which the product is serving the needs of the consumers. The demand of the product helps in determining the modifications made by the organization relating to the feedbacks from the consumers on the product use.

Decline

Gradually the product faces tough competition in the market due to the products developed by the same organization or the other competitors in the market (Finkbeiner, 2014). The product faces a decline in the demands based on the advancement of the technology or the changing needs of the consumers. The steep decline of the demand affects the availability of the product in the market and results to its subsequent downfall.

Marketing strategies involved in the stages of PLC

The marketing strategies that are being undertaken in the stages of the PLC helps in determining the factors of success of the product in the market (Acur, Kandemir & Boer, 2012). The section of the report delves into the marketing strategies that are being undertaken in the stages of the PLC for the lucid understanding of the proper undertakings of the business.   

Marketing strategies in Product development stage and market introduction stage

Rapid and slow skimming strategies are being undertaken by the companies in order to gain the maximum profit margin on their production. It correlates to the high priced commodities that are being introduced by the companies in the market in order to satisfy the conspicuous demand of the consumers.  On the other hand, Rapid and slow Penetration strategies are being undertaken by the organizations in order to introduce the product at a comparative lower price than the competitors (Aarikka-Stenroos & Sandberg, 2012). It is aimed at procuring the market for the business firms. It helps in undertaking the proper introduction of the product in the market, which is being placed based on the requirements of the target consumers (Barczak & Kahn, 2012).  

Marketing strategies in the Growth stage

The growth phase of the product life cycle is determined by the market competition that the product faces and thereby the strategies that might be undertaken by the organization is focused on sustaining the product in the market. The strategies are being enumerated in this section of the analysis.

  • Bringing in improvements in the features of the product and the quality
  • Usage of new market segments in order to promote the product and thereby broaden the scope of the product availability in the markets
  • Bringing in improvements in the channels of distribution and subtle networks
  • Reduction in the price to hold on to the market and outnumber the competitors (Cao & Folan, 2012)
  • Undertaking proper promotional activities and advertisement tools in order to make the people aware of the existence of the product in the market

Marketing strategies in the Maturity stage

The marketing strategies that are being implemented on the maturity stage is based on sustaining the product in the market through the proper monitoring over the quality of the product and the relevant price. Bringing in modifications, based on the requirements of the consumers, helps in the sustenance of the product in the market (Gmelin & Seuring, 2014). Moreover, the price that affects the availability of the product is to be considered and revised by the organization in order to maintain the clarity of the functions.

Marketing strategies in the Decline stage

The strategies that are being implemented in the decline phase of the product helps the organization either in dropping the idea of the product or bring in relevant modifications in the existing product in order to cope up with the demand of the consumers in the market.

Usage of the PLC in order to determine the expansion of the business

The determination of the product life cycle helps the organization sin cutting down costs, which might be undertaken while considering the expansion of the business internationally. The acceptance of the product in the market based on the requirements of the people helps the organizations in understanding the demand and the competition that the product might face in the international markets (Smith et al., 2013). It helps the organizations in taking steps to place the product properly in the market and thereby distribute the products uniformly based on the demand of the consumers. The cutting down of the costs is based on the primary objective of expanding the line of business and thereby brings in modifications in the products (Garetti, Rosa & Terzi, 2012).

Conclusion 

Therefore, from the above analysis it can be stated that the development of a new product and the life cycle of the product greatly affects the availability of the product in the markets. The most important step that the organizations are required to undertake is based on the requirements of the target consumers. It helps the organization sin understanding the market situation and the challenges that they might face while launching the product. Moreover, the analysis also enumerates ways for considering the marketing strategies that the companies take while planning their product’s life cycle. It helps in determining the purpose of the product, the utility and the pricing strategies that affects the availability of the product in the market.

References 

  1. Stark, J. (2015). Product lifecycle management. In Product Lifecycle Management (Volume 1)(pp. 1-29). Springer International Publishing.
  2. Smith, S., Smith, G. C., Jiao, R., & Chu, C. H. (2013). Mass customization in the product life cycle. Journal of Intelligent Manufacturing, 1-9.
  3. Garetti, M., Rosa, P., & Terzi, S. (2012). Life cycle simulation for the design of product–service systems. Computers in Industry, 63(4), 361-369.
  4. Gmelin, H., & Seuring, S. (2014). Achieving sustainable new product development by integrating product life-cycle management capabilities. International Journal of Production Economics, 154, 166-177.
  5. Cao, H., & Folan, P. (2012). Product life cycle: the evolution of a paradigm and literature review from 1950–2009. Production Planning & Control, 23(8), 641-662.
  6. Aarikka-Stenroos, L., & Sandberg, B. (2012). From new-product development to commercialization through networks. Journal of Business Research, 65(2), 198-206.
  7. Barczak, G., & Kahn, K. B. (2012). Identifying new product development best practice. Business horizons, 55(3), 293-305.
  8. Acur, N., Kandemir, D., & Boer, H. (2012). Strategic alignment and new product development: Drivers and performance effects. Journal of Product Innovation Management, 29(2), 304-318.
  9. Finkbeiner, M. (2014). Product environmental footprint—breakthrough or breakdown for policy implementation of life cycle assessment?.
  10. Chiu, M. C., & Chu, C. H. (2012). Review of sustainable product design from life cycle perspectives. International Journal of Precision Engineering and Manufacturing, 13(7), 1259-1272.
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