Learning Team Meeting Three Assignment
D. Describe the pace at which your product will move through the product life cycle and the factors that will impact its movement.
Product Lifecycle Management, PLM, integrates engineering, manufacturing and service to reduce costs, improve quality and reduce time to market. Today, PLM has evolved to include the entire enterprise. This means coexistence with other point solutions and enterprise applications for product information and operations is important. Over time the profitability and the types of customer change and the marketing cost per customer varies. By analyzing these indicators - profit, competitors, cost per customer, customers, and sales - Toyota can determine which phase of the product life cycle their product has reached or is moving towards. There are 4 phases: Introductory Phase, Growth Phase, Maturity Phase and Decline Phase. Once Toyota has identified the phase by analyzing the indicators (characteristics) through research, Toyota can formulate their marketing objectives for that phase and develop a marketing strategy for that phase.
Toyota can do this until there product has reached the decline phase and they decide to discontinue production and sales.
INTRODUCTION PHASE: Toyota has to decide how much money to spend on promotions, bearing in mind limited resources. Demand must be calculated carefully in order to estimate units that can be sold at the correct price. A lot of money was spent on research and development, so the aim is to recover costs as soon as possible and start making a profit. Fifty percent of new product ideas fail. The company must do ongoing consumer research and stay in touch with customers to evaluate reaction to the new product. To launch the Toyota Alissandro Volta, and enjoy a successful campaign the public relations organization must identify several objectives. This amazing futuristic automobile is a...