Definition Of A Product Life Cycle Marketing Essay

Definition Of A Product Life Cycle Marketing Essay A product is anything which is capable of satisfying customers needs. Product includes both physical or tangible products (mobile,car, type writer, computer, bike) and intangible products or services (health care, banking, insurance). Definition of a Product Life Cycle define what a product life cycle is: It is the period of time over which an item is developed, brought to market and eventually removed from the market. OR The stages through which a product develops over time is called Product Life Cycle (PLC). OR The product life cycle is MARKETING CONCEPT that describes the way the revenues from the sale of a product behave over time. Stages of a Product Life Cycle The product life cycle is broken down into four phases: Introduction Growth Maturity Decline The Product Life Cycle (PLC) Curve plc, product life cycle curve For all products, the life cycle is drawn is the form of a mount shaped curve. The starting of the curve marks the introduction stage; the slope indicates growth stage; top of the curve signifies maturity; and the graph ends in the decline stage. Theory of PLC: Biological Life Cycle Versus Product Life Cycle The concept of Product Life Cycle is based on biological life cycle. For instance, when a seed is planted (introduction); it begins to pullulate (growth); it shoot out flowers and leaves (maturity); and after a defined period of time, it starts to shrink and eventually die out (decline). Human beings also pass through the same phases of introduction, growth, maturity and decline in their lives. The same theory applies to a product. When a new product is launched in the market, it starts gaining customers; then it stabilizes and becomes mature; then after some time, it is taken over by the introduction of better and superior competitors therefore, it is withdrawn or harvested from the market. Benefits of Using a Product Life Cycle for Revenue MARKETING managers consider product life cycle as an important measure of sales revenues. As you can see it from the figure, the slope of the curve denotes the sales of a particular product. The more the slope then more the sales. When a product is introduced in the market, the sales are negligible. Due to marketing promotion efforts, the demand of product starts to rise and as a result some revenue is generated. When more and more customers begin to buy the product, the revenues of the product reaches to maximum; this stage is called maturity. A product can stay in maturity for several weeks, months or years depending on the external and internal market conditions and resources. Finally, when a product better in features and functions is launched by a competitor into the market, the sales starts to decline; in some cases, companies have to disengage their products or services. Product Life Cycle Management (Marketing)/ PLCM Product life cycle management (or PLCM) is the succession of strategies used by business management as a product goes through its developmental life cycle. The conditions involving the promotion and sales of a product, involving market saturation and advertising vary over time and must be managed as it moves through the different stages of succession. What is Marketing Mix? A marketing mix is a pre-planned assortment of all those controllable elements which are involved in the planning of a products marketing. they include the following 4Ps Product (often substituted by Presentation) Price Place Promotion These four elements are adjusted until the correct combination is reached befitting the requirements of a products customers, while generating optimum income. How to Create a Product Life Cycle First Stage Introducing the Product : Brand Building For the product life cycle to begin, the product must be launched in the market. This is done after target market is identified and ensured that the need for your product or service exists. At this stage, sales will be very low because customers are not really aware about the product and its benefits. Generating Demand: Promotion, Advertising, Marketing The cost of advertising and initial distribution is very high as companies intend to create awareness of the product and target early adopters. The goal is to build market and generate demand. Stage 1 Marketing Mix Implications You need to have a fair idea of marketing mix implications for each stage. Product Products are very less in number Price Some companies keep the price to high so as to cover their costs whereas others tend to keep it low so as to attract more and more early adopters. Distribution Initially, the distribution is done selectively Promotion Creation of awareness is the only goal of the promotion Growth Watch how the product is establishing market and making profit in comparison to the competitors. Maintain the focus on the promotion efforts. Notice how slowly or rapidly the product is gaining customers and generating profits. More and more retailers will be interested in carrying your product. Remember the goal of growth phase is to increase sales and gain customer preference. Second Stage Stage 2 Marketing Mix Implications Product Improvement of the product quality. Price If the demand of the product is high, price is maintained at high level whereas; if you want to target additional customer segments, reduce the price. Distribution To intensify distribution, discounts are offered to the retailers. Promotion Improved the promotional efforts. Maturity You will observe that your product has met market saturation. Eventually, there will be a marked increase in sales and it will become a challenge for the marketing and sales team to maintain the market share as new competitors would be penetrating into the market. Increase promotional efforts and offer more discount to the retailers in order that they give your more shelf space than competitors. The goal of maturity stage is to extend product life cycle while maintaining market share. Third Stage Stage 3 Marketing Mix Implications Product Product is differentiated from those of competitors Price Maximum possible reduction in prices to be made Distribution Retain existing distributors by offering discounts as well as searching for more channels of distribution Promotion Intensive promotion efforts in order to establish brand loyality Decline Carry out amarketing analysis or a survey to find out how customers perceive the product currently. If the interest and demand is low, think of ways to take the product back to profit making position. Possible ways could be the creation of new target segment and making modifications in the product. The goal of decline stage is either to maintain the product or discontinue it. Fourth Stage Stage 4 Marketing Mix Implications Product Fewer products left in the product line. Price If the product is to be maintained, the prices are retained. In case of termination, prices are reduced to liquidate inventory. Distribution Channels are phased out gradually. Promotion Advertising expenditure reaches a minimum level Examples of Product Life Cycle (PLC) Set out below are some suggested examples of products that are currently at different stages of the product life-cycle: INTRODUCTION GROWTH MATURITY DECLINE Third generation mobile phones Portable DVD Players Personal Computers Typewriters E-conferencing Email Faxes Handwritten letters All-in-one racing skin-suits Breathable synthetic fabrics Cotton t-shirts Shell Suits iris-based personal identity cards Smart cards Credit cards Cheque books Popular Cases of Product Life Cycles Pepsi Product Life Cycle Development Coca Cola Product Life Cycle Development Kellogs Product Life Cycle Development Apple Product Life Cycle Development Nokia Product Life Cycle Development

Bad Coffee :: essays research papers

It was a cold and damp morning, the moisture stuck to skin like flies to fly paper. The loud â€Å"thud thud thud† of the helicopters had awaken me from my trance, after two and half hours of sleep. I had risen just in time for a fresh cup of coffee when all of the sudden a chopper touched down just outside the barracks kicking up all the debris and dirt it could find. The night before had been a hellish one, the mortar blasts and screams of my fellow soldiers had kept me awake nearly all night. And how, my coffee had been ruined by the damn helicopter. I was in the worst place on Earth, Saigon, in 1968. Definitely the wrong place at the wrong time. My orders were simple, so I thought. Meet up with a group of Green Berets just outside of enemy lines, and go north to a small village controlled by American troops, we would get more information soon after we had arrived. That was it, just like king of the hill when I was kid. I met up with my partners in a joint called the Lucky Money, a real run down place, the air filled with stale smoke and the scent of plastic palm trees. Let’s just say the Lucky Money had seen better days. Hell just four months ago Bob Hope had occupied that vacant stage. The atmosphere was filled with tension. At the drop of a pin the whole environment could erupt into total chaos, half the time shoot outs would start in the street just from punks tossing rocks around. The guys I met up with were worn down, not one of them had a good night’s rest in at least a month, you could see it in their eyes. All they wanted was a ride home, and they were going to do anything and everything in their power to get home. The leader of the group, Colonel Jake Denton, had been here two damn years. He didn’t have much to say except he missed his kids. The other three were all from Texas, but none of them knew each other until the army put them together. The mousy looking kid was from Dallas, and he always had a cigarette hanging from his lip, a sure sign of the stress that was building inside him, his name was Jon Weinhard.

Inductively Coupled Plasma †Atomic Emission Spectroscopy Essay

The aim of this practical was to use an ICP-OES to perform a multi-elemental analysis of different types of tea. The elements that were analysed in the tea were copper, iron, manganese and magnesium. The sample is introduced into the plasma as an aerosol. Argon gas flows through three concentric quartz tubes in the plasma torch. This argon gas transports the sample from the nebulizer, acts as a cooling gas and is also a source of electrons and ions for the plasma [1]. A magnetic field is created around the plasma torch. The ionisation process is started by the ignition of the argon gas from a spark produced by a tesla coil [1]. During this process the plasma reaches a very high temperature and the sample is atomised. The atoms are then excited to a higher state. Since this is an emission analysis, the analysis is performed as the atoms emit energy and return to a lower energy state or their ground state. A spectrometer or monochromator is used to select the wavelength that is being analysed. The multi-element detector then gives us a readout that can be understand for each element that is analysed Explain the benefits and limitations of plasma over a conventional flame used for FES with photometry and AAS. The benefits of using plasma are that the chemical interferences are decreased due to the high temperatures that the plasma reaches and refractory elements can also undergo excitation. There are also many wavelength for different that can be chosen for analysis so you don’t have two elements that have wavelengths that are close to each other as this would interfere with the analysis. A limitation is that spectral overlap can occur and the preparation of the samples is a very long process compared to that of the flame spectrometry Data Show the calculations for you multi-element standard. Instrument: Perkin Elmer OES (optima 5300 DV) The preparation of multi-element standard 1000ppm solutions of (Cu), (Fe),(Mg) and (Mn ) were given. A working standard solution containing the entire four elements was prepared in the following way; 1 ml, 10 ml and 5 ml of Fe, Mg, and Mn were respectively added in one 100 ml volumetric flask. A solution of Cu was prepared separately (intermediate solution) by placing 1 ml of the 1000ppm Cu solution in a 100 ml volumetric flask and made up to the mark with distilled water, the resulting concentration was 10ppm. The formula that was used to calculate the volume of the 1000ppm Cu solution needed to prepare 10ppm solution in a 100 ml volumetric flask is; C1V1 = C2V2 †¦Ã¢â‚¬ ¦ equation 1 Where C1 is the initial concentration C2 is the final concentration V1 is the volume of the initial concentration V2 is the total volume of the initial concentration and the solvent The volume of the barium required was calculated as follows C1V1 = C2V2 1000ppm x V1 = 1ppm x 100ml V1 = 10 ppm x 100 ml 1000 ppm = 1 ml Then 1 ml of the 10 ppm Cu solution was placed in the 100 ml volumetric flask that contained the other three elements, and made up to the mark with distilled water, this was the working standard solution. Using equation 1 it is found that the concentrations of the elements in the working standard solution are as follows. Explain why the type of sample preparation carried out was necessary. The Acid digestion was suitable because a complete transfer of analyte into the solution in order for the determination step to be introduced in liquid form is highly desirable and this method completely transfers the analyte into solution. This thus means that the digested sample is a complete solution of the analyte and has a complete decomposition of the matrix however with minimal loss or contaminated of the analyte Explain what matrix matching is and what problems may arise if this is not carried out. Matrix matching involves preparing solutions in which the major chemical compositions of the standards, blanks and samples are made identical thereby cancelling out the effect of the sample matrix on the analysis results. While matrix matching involves matching the solvents, it also involves matching the concentrations of acids and other major solutes. In case where the standard and sample matrices are quite different or cannot be matched and interference occurs as a result, internal standards can be used. Comment on the correlation coefficient of your calibration graphs. The correlation coefficient measures the strength in the linear relationship between two variables. A correlation coefficient of 1 would mean a very strong linear relationship between two variables, which means the points form a perfect straight line. The correlation coefficients for the calibration graphs were very good. The calibration graphs for copper, iron, magnesium, and manganese gave correlation coefficients of 0.991539, 0.991005, 0.999874, and 0.999952 respectively. This shows that the samples were prepared very well and that there is a strong linear relationship between the emission and the concentrations of the elements. Compare the different elements in the different types of tea. Which tea would you recommend and why? The tea that seems to be most essential for human consumption is the green tea owing to the high content of each and every element present in it. It has high concentration of manganese which is a vital substance in the body as it is an enzyme activator; it keeps bones strong and healthy, and also maintains the health of our nerves. References 1. Dr L Pillay, Chem 340, Instrumental Analysis, ICP-OES notes 2. http:// www.whfoods.com/genpage.php?tname=nutrint& dbod=77(accessed 16/04/2013) 3. http://www.chemplex.com/petrochemical/multielementMetal.aspx(accessed 16/04/2013)

Analysis Of Phillipe Benetons Equality By Default

In order to understand Phillipe Beneton’s core argument in Equality by Default, it is important to first analyze the significance of the word choice in the title. Beneton clearly suggests in his title that equality by default is disconnected from other forms of equality, namely substantial equality. Substantial equality is based upon the pretext that â€Å"men are alike before they are different† which leads to the healthy conclusion that men are equal because we are all unequivocally human. Meanwhile, equality by default also concludes that all men are equal, however, this conclusion comes through a very different thought process. The key differentiater in Beneton’s title is the word default. This term suggests that equality comes not from†¦show more content†¦are equal because they cannot be differentiated from each other. Beneton clearly feels that the idea of equality by default is not only detrimental, but further that it leads to the imprisonmnent of our minds. Equality by Default is an essay on â€Å"modernity as confinement† which essentially means that this new modern way of thinking entraps the mind and disallows freedom of thought to some extent. Plato uses the allegory of the cave to represent the journey of the philosopher as he challenges the commonly held beliefs in a city, and further seeks after enlightenment as well as virtue, which he refers to as the good. Plato further demonstrates that all men are in the cave to some extent as our perceptions of reality are almost entirely shaped by the understanding that our cities and cultures afford to us. In Plato’s eyes, it is absolutely vital to free oneself from the chains of the cave, and to venture out in pursuit of truth, knowledge, wisdom, and excellence. However, according to Beneton, equality by default suggests that, â€Å"reason is cut off from life†(21) and that this creates a situation in which, â€Å"the vital questions are matters of o pinion, and all opinions are equal† (21). This understanding suggests that under rule of equality by default, it is no better to enlighten oneself, and to search for virtue outside of the cave than to remain chained to ignorance while watching â€Å"shadowy nothings† move accross the wall. Plato evidently agrees that we must leave