scroll to top
Stuck on your essay?
Get ideas from this essay and see how your work stacks up
Word Count: 1,833
In todays world where market is unpredictable strategies play crucial role in defending a firms product position The main reason why companies must continually develop new products is because products have life cycle Bittel 1980 Just as operation managers must be prepared to develop new products they must also be prepared to develop strategies for both new and existing products First and foremost before proceeding into the product life cycle strategies lets define what a product life cycle is According to Griffin and Ebert 2002 a product life cycle is a series of stages through which it passes during its profit -producing life Depending on the products ability to attract and keep customers over time a product life cycle may be a matter of months years or even decades Anyway there are four phases that every product undergoes in a market since it was produced and launched to its out-of market position They are the introductory growth maturity and decline phases Below follows the figure of a product life cycle and all phases detailed descriptions shall be described later Also considerations must be given to how far the product is along the product life cycle A new concept product just entering the product life cycle may require intensive distribution to start with to launch it on to the market As it becomes more established perhaps the after sales-service will play a more important role which leads to a more selective distribution with only those dealers that are able to offer the necessary standard of after sales-service being allowed to sell the product In simpler words in every phase of a product life cycle a product should undergo different suitable strategy in order to stay competitive in the ever changing market Below follows the product life cycle stages along with their definitions and beneficial strategies Introductory Stage According to Stevenson 1999 the introduction stage begins when a product reaches the market place When
@Kibin is a lifesaver for my essay right now!!
- Sandra Slivka, student @ UC Berkeley
Wow, this is the best essay help I've ever received!
- Camvu Pham, student @ U of M
If I'd known about @Kibin in college, I would have gotten much more sleep
- Jen Soust, alumni @ UCLA