Good Project Business Plan Example
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Review of product
The product life cycle entails to the varying stages through which a given product is developed over time within the market. The concept behind the cycle involves dividing the cycle into varying stages which are characterized with the revenue normally generated by the product as it performs within the market (Hutt, 2004). The curve depicts the product revenue in relation to time where varying shapes are availed. The curve involves the introduction stage, growth stage, maturity stage, and decline stage. Clipboard Table Co., success largely depends on the ability to not only increase R & D strategy based aspects towards enabling the company achieve a competitive edge. The three products life cycle avails a clear insight on some of the undertaking in relation to growth sales rapidly growth with most sales being first time for customers, shakeout when repeated sales are growing but new sales tends to decline, and lastly maturity where nearly all sales are repeated sales
Evaluating their performance is saturated in relation to their performance and price. X5, X6, and X7 products tends to embrace the normal product growth where increased sales are witnessed during steak out with the decline during the maturity stage. Failure of enacting effective strategies aligning with the consumer behaviors identified through research, the three products performance seems stagnant based on the reviewed. The price performance varies with X6 positing the highest price while X7 being the lowly priced product. The varying in the price can be based on notion that customers tends not care about the performance of product X6 other than price while on product X7 consumers tends to care about price and the price.
The New Sales reflected on the proposed plan entails product, X5 to be selling at $300, X6 at $470, and X7 at $200. The essence of enacting such changes in the new sales compared to the prior prices where X5 sold at $ 285, X6 sold at $480, and X7 at $190 is based on the market forces as reflected on the need to increase innovation. The repeated sales entails introducing a new system where the prices in the market are reflected in the respective products especially product X7 which is sensitive to the market and the price. Through enacting the depicted changes on the price, the market saturation of the respective products is likely to change. For instance, through changing new prices and the repeated sales, the installed base of customers is likely to increase the market saturation is likely to increase to 20 percent. However, the respective growth reflected on all products can be achieved through improving all the products hence increasing the market share gains while increasing the overall customer demands. Through research and development programs aimed at identifying the needs, consumer behaviors, and competition, the company can be able to achieve the depicted projected sales volume.
Clipboard Table Co. can boost the product performances through increasing the R & D allocations towards ensuring the respective products are renovated towards embracing the future technological changes. Furthermore, continuous research and development in the respective product cycles can enable the company achieve a competitive edge as provided bellow. In the introduction stage, which entails low sales, as the consumers get aware of the product and the attached benefits, the company marketing managers can enact measures aimed at increasing the performance of these products. During the introduction stage, the marketing managers are required to conduct extensive marketing approaches such as advertising costs (Hutt, 2004). Companies such as Google, normally announce their products even before introducing them into the market such a company can be able to effectively use such an approach based on their dominance into the market. The same notion is evident as applied by Microsoft where they announce their products prior to introducing them to the product such as; Surface Pro Tablet, and mobile cloud among other products which although have been lately introduced into the market, the company had announced their existence before (Dina & Serena, 2014). In the growth stage, the marketing managers do more than creating the awareness and developing the market, they are supposed to build on the brand preference towards increasing the market share. Companies such as Apple create an environment where the consumers are availed with compatible experiences (Wathieu, 2010). The company also enables the customers to discover and differentiate some of their products via Apple Stores which are strategies aimed at ensuring that the company creates brand preferences on their respective products while also increasing the market share (Yoffie, 2011).
The maturity stage is the phase where companies are required to develop strategies aimed at defending their respective market shares while also ensuring maximization on profit. Marketing managers under this phase, are required to ensure that the product introduce into the market maintains the created or the existing market shares, this can be achieved through minimizing on the advertising costs to maximize on the profit. Companies such as Dell ensure they effectively develop strategies where competitive products are produced with differentiation on the product enhance towards defending the market share.
In conclusion, Clipboard Table Co. can embrace the depicted strategy as illustrated by examples of some of the leading global companies. Through increased research and development plans aimed at incorporating consumer, growing demand and technological advancements Clipboard Table Co. can create a competitive edge through incorporating the stipulated alternative strategy.
Fred Balboni, (2011), Business Analytics and Optimization, IBM Global Business Services
Toivanen, Otto and Michael Waterson, (2004), “Market Structure and Entry: Where's the Beef?” RAND Journal of Economics, forthcoming
Hutt, M.D., Speh, T.W. (2004) Business Marketing Management. Hagerstown, MD: South-Western
Thomke, Stefan and Barbara Feinberg (2010), “Design Thinking and Innovation at Apple,” Harvard Business School case 9-609-066.
Wathieu, Luc (2010), “Apple Stores,” Harvard Business School case 9-502-063.
Yoffie, David B. and Renee Kim (2011) “Apple in 2010,” Harvard Business School case 9-710-467
Dina B. and Serena S, (2014) Microsoft Unveils New Version of Surface Pro Tablet; Bloomberg.com
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