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CONCEPCION, A. MM3 PUPT PM 4-5.docx - POLYTECHNIC...

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POLYTECHNIC UNIVERSITY OF THE PHILIPPINESTaguig BranchGen. Santos Ave. Lower Bicutan, Taguig CityProduct Management“THE PRODUCT LIFE CYCLE AND THE 7P’S OF MARKETING”ESSAYIn Partial Fulfillment of the Requirements for the Degree of Business Administration Major inMarketing ManagementPresented to the Faculty ofCollege of BusinessPresented by:Agasi D. ConcepcionBSBA-MM 3-1Presented to:Prof. Felix Ramos Jr.Subject ProfessorJanuary 2020
THE PRODUCT LIFE CYCLEKNOWLEDGE:According to Philip Kotler,“Product is anything that can be offered to someone to satisfya need or a want.”Product is anything tangible or intangible that the customer is able to pay forin most situations. That is why product is one of the important elements in marketing mix; theoverall decisions on all of the other elements depend on the product. It's the income stream andthe lifeblood of a business. The commodity satisfies the desires and/or expectations of the user.Items come in a variety of ways. Convenience goods are common, empowering customers tomake fast buying decisions. These goods typically fulfill the specific needs of the consumer. Forthese types of products, brand name and reputation can make a difference between successand failure. Product is very important that the company must fully aware on how to take careand handle this gem to achieve success. The brand, identity, and the quality of the productserve as the window of every company to their customers. As mentioned above, product comein many ways, different product have their different identity and quality, meaning they are not inthe same level in a product life cycle. That’s why company must have a system or techniques onhow they can protect their product depending on their position in product life cycle.UNDERSTANDING:The word product life cyclerefers to how long of time aproduct is placed on the shelf bycustomers before it is pulled fromthe shelves. The life-cycle of theproduct is broken down into fourstages—introduction,growth,
maturity and decline. This term is used by management and marketing experts as aconsideration in determining whether to raise ads, cut costs, extend to new markets or updatepackaging. The product life cycle is an important marketing principle. It explains the phases acommodity went through from when it was first thought until it was eventually withdrawn fromthe market. Not all goods have reached this final level. Some are already increasing and othersare rising and dropping.According to Philip Kotler (1965), “The product life cycle portrays distinct stages in thesales history of product. Corresponding to these stages, there are distinct opportunities andproblems with respect to marketing strategy and project potential..By defining the stage atwhich the product is or can be guided, marketers can create better marketing strategies.”Eachproduct passes through four stages of its life, namely, introduction, growth, maturity and decline.

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