product life cycle and its management

project life cycles, asset life cycles, product life cycles

3 life cycles in a manufacturing industry

project life cycles

life cycle; drivers of internal change

asset life cycles

life cycle; optimize internal operations

product life cycles

life cycle; profit generated from operations

product take back, regulations, recycling, environmental

4 present day challenges of the sustainability of a firm

obligations, declarations, sustainability, climate protection, recyclability, life cycle, engineering

6 future challenges of the sustainability of a firm

product manufacturing, product use, product retirement

3 responsibilities of a firm

product manufacturing

responsibility; yesterday

product use

responsibility; today

product retirement

responsibility; tomorrow

yesterday

(yesterday / today / tomorrow ); technology

yesterday

(yesterday / today / tomorrow ); costs

yesterday

(yesterday / today / tomorrow ); organization

yesterday, today

(yesterday / today / tomorrow ); environmental protection

today

(yesterday / today / tomorrow ); performance

today

(yesterday / today / tomorrow ); endurance

today

(yesterday / today / tomorrow ); economic efficiency

tomorrow

(yesterday / today / tomorrow ); remanufacturing

tomorrow

(yesterday / today / tomorrow ); reprocessing

tomorrow

(yesterday / today / tomorrow ); less incineration

tomorrow

(yesterday / today / tomorrow ); less landfill disposal

project life cycle

specify the requirements; produce the design spec

project life cycle

develop the product and deliverables; do the user acceptance testing and authoring of the installation and support manuals

project life cycle

is a conceptual representation of products' ageing process

project life cycle

a representative fact of the existence of every product

project life cycle

a sequence or stages through which the individual products develop over a period of time

project life cycle

its concept is derived from the fact that a given product's volume and revenue follow a typical pattern of four-phases cycle

project life cycle

is an attempt to recognize the distinct stages in the sales history of the product

project life cycle

the explanation of the product from its birth or death as a product existing in different stages and different competitive environments

development, introduction, growth, maturity, decline

5 stages in PLC

4

a typical PLC has ____ stages in a cycle

5

a pharmaceutical product has ___ life cycle stages

bell-shaped, s-shaped

if plotted in a graph of sales volume versus time for a product, generally, the PLC represents a ____________ or _________ curve

sales volume, time

if plotted in a graph of __________ versus _______ for a product, generally, the PLC represents a bell-shaped or s-shaped curve

new product development

the development of original products, improvement of products, product modifications and new brands through the firm's own r&d efforts

new product development

innovation of new product or existing product

new product development

creation of new product

new product development

continuous improvement of existing product

new product development

enhancing utility of existing product

idea generation, concept development, concept screening

3 stages in the new product development process that are in the "fuzzy front end"

concept screening, test marketing

2 stages in the new product development process that are "stage gates"

idea generation

pool of ideas is created

incremental/derivative, next generation/platform products, breakthrough/radical products

3 kinds of new product development

incremental/derivative

NPD type; are hybrids or enhancements of existing products

incremental/derivative

NPD type; require minimal changes in design or process, allowing for quick development

incremental/derivative

NPD type; require fewer resources to develop new features or functions

incremental/derivative

NPD type; help ensure near-term cash flows by maintaining current market share

next generation/platform products

NPD type; create new product categories as core businesses

next generation/platform products

NPD type; require substantial design and process change

next generation/platform products

NPD type; render existing products obsolete in long-term

breakthrough / radical products

NPD type; represent new "system" solutions for customers

breakthrough / radical products

NPD type; require more resources to develop

breakthrough/radical products

NPD type; are key to continued product revenue growth

introduction stage

1st stage, wherein the product is launched in the market with full-scale production and marketing program

introduction stage

stage; the product is a new one. It means "a product that opens up an entirely new market, replaces an existing product, or significantly broadens the market for an existing product."

introduction stage

in this stage, sales grow at a very lower rate because it is not an effective demand yet

low and slow sales, high product price, heavy promotional expenses, lack of knowledge, low profits, narrow product lines

6 characteristics of the introduction stage

introduction stage

stage; low sales

introduction stage

stage; high cost per customer

introduction stage

stage; negative profits

introduction stage

stage; create product awareness and trial

introduction stage

stage; offer a basic product

introduction stage

stage; use cost-plus price

introduction stage

stage; build selective distribution

introduction stage

stage; build product awareness among early adopters and dealers

rapid skimming, slow skimming, rapid penetration, slow penetration

4 marketing strategies used in introduction stages

rapid skimming

launching the new product at high price and high promotional level

slow skimming

launching the new product at high price and low promotional level

rapid penetration

launching of product at low price with heavy promotion

slow penetration

launching the new product at a low price and low level of promotion

growth stage

2nd stage, the market has started accepting the product, and sales begin to rise

growth stage

stage; the product achieves considerable and widespread approval in the market

growth stage

stage; effective distribution, advertising, and sales promotion are considered the key factors

rapid increase in sales, product improvements, increase in competition, increase in profits, reduction in price, strengthening the distribution channel

6 characteristics of the growth stage

growth stage

stage; rapidly rising sales

growth stage

stage; average cost per customer

growth stage

stage; rising profits

growth stage

stage; maximize market share

growth stage

stage; offer product extensions, service, warranty

growth stage

stage; price to penetrate market

growth stage

stage; build intensive distribution

growth stage

stage; build awareness and interest in the mass market

quality, features, styling

marketing strategy used in growth stage; improved product _________ and add new product ___________ and ______________

models, products

marketing strategy used in growth stage; add new __________ and ___________ of different sizes, colors, shapes, etc.

market

marketing strategy used in growth stage; enter new ________ segments

distribution coverage

marketing strategy used in growth stage; increase __________________ enter new distribution channels

product preference

marketing strategy used in growth stage; shifts from product awareness to _______________ advertising

lower

marketing strategy used in growth stage; ___________ prices to attract next layer of price sensitive buyers

maturity stage

3rd stage, the market becomes saturated because the household demand is satisfied and distribution channels are full

maturity stage

stage; the product has to face keen competition, which pressures prices; though the sales of the product rise but at a lower rate

maturity stage

stage; objective here is to defend market share while maximizing profit

sales increasing at decreasing rate, normal promotional expenses, uniform and lower prices, product modifications, dealer's support, profit margin decreases

6 characteristics of maturity stage

maturity stage

stage; peak sales

maturity stage, decline stage

stage; low cost per customer

maturity stage

stage; high profits

maturity stage

stage; maximize profit while defending market share

maturity stage

stage; diversify brand and models

maturity stage

stage; price to match and best competitors

maturity stage

stage; build more intensive distribution

maturity stage

stage; stress brand differences and benefits