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Mod 7 done2 - LIFE CYCLE MANAGEMENT 1 Life cycle management...

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LIFE CYCLE MANAGEMENT1Life cycle managementMBA 690February 14, 2017
LIFE CYCLE MANAGEMENT2ContentsLife cycle management................................................................................................................................3The product lifecycle...................................................................................................................................4Product lifecycle management....................................................................................................................5Profit generation of the product..................................................................................................................7Phase out process........................................................................................................................................8Conclusion...................................................................................................................................................9
LIFE CYCLE MANAGEMENT3Life cycle managementAny product that aspires to do well in the market considering its targeted customers, aswell as the projected sales that translate to profits, must first have a good marketing plan whichincludes a good product life cycle management plan. A product life cycle management planaccording to the industry definition can be said to be a strategic and well-planed businessapproach that includes a set of preplanned stages that offer solutions to the product as it moves inthrough the market (Hunkeler, et al, 2003). These set of strategies support the product as itmoves from its initial stages of market entry to its final stages in the market. In simple terms, theproduct lifecycle management allows and offers for a good and solid source of information insupport of the product at hand. This kind of information becomes vital to the company where ituses it to not only understand the market but also to ensure that the product stays long in marketmaking profits (Remmen & Thrane, 2005).All products must pass through a given set of stages that ensures its dominance as well assuccessful achievement of the set objectives by the company. The product moves in through aseries of stages which involve the introduction stage, the growth stage, the maturity stage andfinally the decline stage. Each of these stages has their own advantages as well as challenges thatthe company must handle. In order to handle such challenges successfully, the Coca-ColaCompany includes the product lifecycle management plan that gives sufficient solutions to thechallenges that arise. The in order to understand the management plan, this paper is going toexplore the product lifecycle, the management plan as well as the movement of the productthrough the supply chain. Finally, the paper will look at profit generation and the issues arising inthe phase out plan.
LIFE CYCLE MANAGEMENT4The product lifecycleThis involves a series of stages that the product must undergo in its journey through themarket. It is characterized by various activities and milestones that must be achieved by theproduct. The first stage is the introduction stage (Ameri & Dutta, 2005).This in many companies just like the Coca-Cola Company tends to be the most expensiveand demanding stage of the whole lifecycle. It also stands out as the most crucial stage thatdetermines the success or failure of the product in the market. It is characterized by very littleamounts of sales since the market for the product is very small. The product must be backed upand supported by employing various methods, techniques as well as strategies of marketingwhich ensures the successful market entrance. The span of the market for the item is little, which

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Term
Spring
Professor
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Tags
Management, Product life cycle management

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