The Roles of Product Life Cycle Case Study Example | Topics and Well Written Essays - 2000 words

The Roles of Product Life Cycle - Case Study Example The main objective of product policy is to evaluate the risks and hazards that a product can cause during its life cycle by incorporating all the phases of product development, the possible players, trade policy and procurement, economic instruments, materials regulations, inter-trade agreements, environmental and labeling laws, and product design (Charter & Tischner, 2001). For this reason, product policy encompasses corporate policy and planning, development, portfolio management, life cycle assessment, brand management and marketing strategy. The other key concerns are reflecting good science, protecting confidential business information, avoiding technical barriers to trade and ensuring that a product has timely access to appropriate markets around the world (Gorchels, 2007). In effect, product policy refers to all aspects of development and management of a firm’s product, including branding and packaging. It also looks at key issues related to the 4Ps of marketing  œ product, price, place and promotion – to determine if the product will have good exchange value, at what price will it appeal to consumers, which particular market should it be addressed, and what marketing strategies should be employed to actualise the desired sales transaction.The initial step in observing an effective product policy is to define the core product, such that in the case of a car manufacturer like BMW, the firm decides if it will be a luxury top-of-the-line vehicle or a moderately priced sedan. Then the firm assesses the benefits that customers will derive from the core product. Next, the product is built around the core, which involves the design, packaging and the features calculated to provide the desired benefits and quality. Good practice of product management dictates that a new product stays longer at the