Examples of product life cycle in the following topics:
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- With public expectations about sustainability continually increasing, ‘futureproofing products' is a safe bet.
- Future-proofing products involves working to insulate products and services from risk and uncertainty by eliminating waste in all phases of a product's life-cycle to: (1) avoid rises in raw material costs, (2) reduce the chances of bad publicity, and (3) prepare for coming changes in environmental legislation.
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- Product life-cycle predictions are dependent upon controllable and uncontrollable factors.
- As such, the manager must find new products to replace those that are in the declining stage of the product lifecycle and learn how to manage products optimally as they move from one stage to the next.
- The five stages of the product life cycle and their components can be defined as follows:
- Whether one accepts the S-shaped curve as a valid product-sales pattern or as a pattern that holds only for some products (but not for others), the product lifecycle concept can still be very useful.
- This process begins with product development and ends with the deletion (discontinuation) of the product.
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- Penetration and skimming are two strategies employed in pricing new products.
- With a totally new product, competition does not exist or is minimal.
- Penetration pricing in the introductory stage of a new product's life cycle involves accepting a lower profit margin and pricing relatively low.
- A premium product generally supports a skimming strategy.
- In this case, "premium" doesn't just denote high cost of production and materials, it also suggests that the product may be rare or that the demand is unusually high.
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- As a result, organizations are under pressure to evaluate their existing product line and to make continuous decisions about adding new products or deleting existing products.
- One reason for this pattern is the product life cycle.
- In the past, four of these products have been deleted (the products labeled as A, B, C, and F).
- The term "product" refers to both goods and services.
- (b) product categories; (c) Innovation through business models; (d) Evaluating innovations; (e) When innovation fails: deleting products; and (f) chapter summary.
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- New product ideas can generate from existing frustrations using a certain product, or a desire to do something better or more simply.
- In business and engineering, new product development (NPD) is the complete process of bringing a new product to market.
- A product is a set of benefits offered for exchange.
- Companies typically see new product development as the first stage in generating and commercializing a new product within the overall strategic process of product life cycle management, used to maintain or grow their market share.
- Many methods may be used to gain insight into new product lines or product features, including:
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- After every stage of production has been laid out, the next phase is to break the stages down into subtasks for further analysis.
- Examine how these activities impact one another and measure and record the amount and costs of every production unit input and output.
- Examining the company's rubbish makes it easy to determine what can be reduced, reused, reincorporated back into production, or sold to a recycler.
- (ESSP CLP, ‘Product Stewardship through Life-cycle Analysis', Introduction to Sustainable Development for Engineering and Built Environment)
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- Intangible products are service-based like products in the tourism industry, the hotel industry and the financial industry.
- Every product is subject to a life-cycle including a growth phase, followed by a maturity phase, and finally an eventual period of decline as sales falls.
- Marketers must do careful research on how long the life-cycle of the product they are marketing is likely to be and focus their attention on different challenges that arise as the product moves through each stage.
- Marketers can expand the current product mix by increasing a certain product line's depth or by increasing the number of product lines.
- Marketers should consider how to position the product, how to exploit the brand, how to exploit the company's resources, and how to configure the product mix so that each product complements others.
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- Firms may choose to export products for several reasons.
- First, products in the maturity stage of their domestic life cycle may find new growth opportunities overseas, as Perrier chose to do in the US.
- Second, some firms find it less risky and more profitable to expand by exporting current products instead of developing new products.
- Third, firms who face seasonal domestic demand may choose to sell their products to foreign markets when those products are "in season" there.
- Finally, some firms may elect to export products because there is less competition overseas.
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- These goals vary between improvements to products, processes and services and dispel a popular myth that innovation deals mainly with new product development.
- This process has been proposed that the life cycle of innovations can be described using the "S-curve' or diffusion curve.
- The S-curve maps growth of revenue or productivity against time.
- Toward the end of its life cycle growth slows and may even begin to decline.
- The S-curve derives from an assumption that new products are likely to have "product life" (i.e. a start-up phase, a rapid increase in revenue and eventual decline).
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- Just before 2008, the business cycle peaked, and the economy began to contract.
- The term business cycle (or economic cycle) refers to economy-wide fluctuations in production or economic activity over several months or years.
- Business cycles are composed of two phases and two turning points.
- Business cycles are usually measured by considering the growth rate of real gross domestic product.
- Summarize the phases and turning points inherent in the business cycle