ABSTRACT
The
importance of the product life cycle in marketing cannot be over-emphasized.
The rate of product failure in marketing is alarming amount 50% of products
introduce failed and the one major contributing factor is the introduction
of the product at a wrong time. When the
product that has the prospect of success is introduced at a point of market
saturation, it is bound. This project is to offer reader the opportunities to
have an in-depth into the knowledge of product life cycle in marketing. In
carrying out this research, relevant literature on the product life cycle
concept has been constructed. The instrument used for data collection is the
secondary method of data collection. After carefully analysis of the result of
the information and data collection, among which was the wrong application of
the concept, the neglect of the life cycle of competition product and the
premature withdraw of product from the market. On the basis of these problems
was recommend the stepping up of training of product manager and marketing.
Table of Contents
Title
Page
Certification
Dedication
Acknowledgement
Abstract
Table
of Contents
Chapter One: Introduction
1.1
Background of the Study
1.2
Aims and Objectives of the Study
1.3
Statement of Research Problem
1.4
Significance of the Study
1.5
Scope of the Study
1.6
Methodology
Chapter Two: Literature
Review
2.1
Product Definition
2.2
Classification of Product
2.3
Product Differentiation
2.4
General Introduction
2.5
Introduction
State
2.6
Growth Stage
2.7
Maturity Stage
2.8
Decline Stage
References
Chapter Three: Discussion
3.1
Evaluation of Product Life Cycle
3.2
Importance of Product Life Cycle
3.3
Problems of Product Life Cycle
Chapter Four: Conclusion
and Recommendations
4.1
Limitation of Study
4.2
Findings
4.3
Conclusion
4.4
Recommendations
Bibliography
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The product life cycle has been
subjected to array of description ranging from “a crucial element in planning”
to the “concept has little validity” as well as “the concept has done more harm
than good”. However it will be shown that the dichotomy is more apparent than
real. It will be recalled that different authors have viewed product life cycle
in different ways, each evaluating product life cycle in different ways, each
evaluating its effect and defect in all the stage a product goes through before
going into extinction.
A product sales position and profitability
can be expected to change overtime. The product life cycle is an attempt to
recognize distinct stages in the sales history of the product corresponding
these stages are distinct opportunities and profit potential. Companies can
formulate better marketing plans by identifying the stage that a product is in
or heading toward.
1.2 AIMS AND OBJECTIVE OF THE STUDY
The product cycle will be evaluated as a
theory and its major uses of important and problem considered.
This research intended to identify the
uses of the product life cycle, how it affect the product of a company, its
short comings and offer suggestion on how well to apply the product life cycle
concept sop that its advantages could not number its advantage. That is aimed
at exploring marketer to the concept of product and life cycle as well as the
stage that are involved such as the introduction stage, the growth stage,
maturity stage and the declined stage.
1.3 STATEMENT OF RESEARCH PROBLEM
The importance of product life cycle can
not be over-emphasized in product management, however some marketers as well as
marketing manger fails to realize the importance of product life cycle in
marketing management. With the aid of product life cycle a marketing
management. With the aid of product life cycle a marketing manager is also to
recognize district stage in the sales history of a particulars, product. By the
act of identifying the stage that a particular product better marketing plans,
hence a wise manager has to be able to make a good forecast the life span of
its product. It is living to assurance that a product will continue to
experience sufficient demand whereas time will come when a new product will be
introduced to compete with the existing one.
1.4 SIGNIFICANCE OF THE STUDY
A lot of product has been introduced
into the market by different companies in the part, but the question who is how
many of such product succeeds.
Some products die a pie match death some
other may not take in enough profit etc. This may be due largely to using other
concept wrongly by introducing the product at the wrong time. It is a truism
that the simple product can maintain its position in the market definitely,
hence the product life cycle is essential.
Marketing manager must study carefully
the life cycle of the product for which they are responsible. By means of good
fore-casting there must establish the likely growth of the market in which they
are operating in order that they may access that likely occurrence of the third
and fourth stage in the life of their product.
Introducing a product into a
cooperatively new market is quite different from that of a market where ir must
compete with other brands which are already established.
A study of the life cycle of these
competitive brands is important where as it is not necessary in the new
marketer where competition is minimal or non-existence. The introduction of his
product has to coincide with the second and most healthy stage of the
competitor’s growth and the dares with him a market which profit margins are
still attractive.
Therefore this study of the product life
cycle is not enough marketing manager need to study will be application of the
concept. It also tries to portray the fact that some products need no
introductory stage when a product should be lunched into the market and also
ensuring that the product linger or for sometime on the growth stage where
profit is high.
1.5 SCOPE OF THE STUDY
This study is limited to the study of
the influence of the product cycle in the management of product in a company’s.
The business environment will seldom or never be stable and the ability to
adapt to environmental changes is a crucial importance to business firm.
New products are continuously being
introduce in the market hence no company will be satisfied with the performance
of a single product without introducing new ones. This research is to be with a
view of identifying how best to use the knowledge of the product life cycle to
achieve maximum benefit.
1.6 METHODOLOGY
To meet demand of this research, timely
and relevant data will be gathered and source for, from both internal and
external part of the institution. The data will mainly be source for secondary
sores such as textbooks, journals, newspaper, magazines, unpublished lecture
notes, website visitation (internal) and contribution that were made on
academic ground, companies’ annual report, past projects and useful literature
publication.
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