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Evaluate the concept of the product lifecycle as a strategic tool
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The idea of product life circle has been in the business world for many years. According to (Crawford, 1996; Tidd et al, 1998; Cooper, 1999), “The importance of product innovation is becoming increasingly important for firms to manage in order to maintain competitiveness”. Every organisation understands the need for new product and or modifies existing ones in other to stay competitive or face a potential business failure (Bamford and Forrester, 2010).
Over the years product life cycle has become a strong management structure that can help an organisation excel in its product introduction, as well as using the product life cycle to determined the gradient of the development stage when introducing a new product to the market, how new it is,
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(Bamford and Forrester, 2010) posited in his book that there are four phases in the product life cycle. Each stage to an organisation is important and I will explain using a service Client Management (CM) that was introduced in my previous job as a sales representative at an automobile dealership to enable us track clients who visited the dealership. There was need for an introduction of a new and improved service to aid the sales representative do their jobs better and track their progress, basically this improvement was done using the quality function deployment in regards to low CSI score from the customers on how the sales team were not doing a proper follow up (Bamford and Forrester, 2010). Here is an application of each stage in the product life cycle;
• Introduction of service: (Radnor, 2006) posited “One way to improve the process of reflection within companies is to carry out an audit and use the results as a foundation for improvement through the development of an action plan”. Client Management (CM), is a system that was introduced to enable sales team log their customers into a system, improved customer service, help organise ones calendars with reminders and emails responses, log phone calls and set up follow up reminders with there
Develop and describe a technology lifecycle model (including the time and cost of development, the amount of time to recover the cost, and return on investment (profit) based on the development costs and risks) and/or product lifecycle model (including timing, marketing measures, and costs associated with the life of a product) for the new technology or application
We also focus on product life-cycle of the business goods. The stages the product undergoes from manufacturing packaging until the final stage where it focuses on time, cost and revenue generated. In the initial stage of the product, promotion is done to create awareness of the product. In this juncture profits are not a big concern of the company.
For instance, Primark 's products offer customers clothing as a base product, of witch actual benefits are being to be cheap and trendy, and they may have some return policy as augmented benefit in case of defects. Each product may be realised following a new product development process to improve its success rate (Harris and Schaefer, 2015, p.43-47).
It is a step of defining the goals of the projects and the results are aimed at reaching certain levels of productivity of customer satisfaction. The second stage is measure, and it is the stage of collecting data and facts and evaluating current operational performance. The third stage is analyze with the purpose of developing methods and theories that will best suit the solving of the problem; it is also a stage of detecting cause-and-effect ties of the processes. The fourth stage is improve, it is aimed at generating ideas for reaching the desired process improvement. Finally, there is the control stage that is about monitoring the operations to find out whether the process of improvement is smooth and the problems were solved (Meredith & Shafer,
Innovation has rapidly assumed a position of prominence in world competition on a global scale. To compete in this environment, organizations need a level of innovation. As competition becomes more global and time-based, organizations must develop and deliver new and superior products or services in less time. The challenge for modern organizations is to revitalize them so they can successfully and continuously develop newer products and enhance business development.
emerging or new market. It can originate from new technology or new market opportunities (Eliashberg, J., Lilien, G. L., & Rao, V. R. 1997). Literature defines product development as exploiting an untapped market opportunity and turning it into a value product for customer satisfaction. Development and introduction of a new product requires extensive research on understanding customer needs, market structure, emerging trends and analysing the internal & external competitive market environments. To evaluate customer satisfaction previous researches provide strong relationship between customer satisfaction and product quality, product features and value for money. ***
To cater to customer needs. To keep in mind the complications that arises in different situations and handling it. Teamwork and proper service, internal strategy and proper communication.
Product management is a strategic and business-oriented role, which is focused on satisfied and transfer solutions to market needs. The role may consist of product development and product marketing, which are different (yet complementary) efforts,...
The Service Management Excellence is not a short term phenomenon. It provides principles and techniques that will endure in the long run. Excellent service is not a yoke; it is imbedded in the way exceptional organizations ...
Customer service is still plays an integral role in business. However, how companies serve their customers is changing.
Product Life Cycle shortened as more companies had product launches which propelled product development at a higher frequency
It's very well known that a companies success is not only dependant on the possession of a good product or service, but the key aspect to a successful business is excellent customer service. As the market grows, now more then ever companies are emerging, they are offering very similar types of products and services. Successful customer service can be a way a business becomes original and unique, it can be the key to attracting and maintaining loyal customers. Good customer service can start-up a business while bad customer service can harm a company. An average customer that experiences an issue will complaint to 9-10 people about the problem. A customer that received support to their problem and a potential solution will tell at least five
The ever-decreasing length of product lives has diminished the role of new technologies as a source of satisfactory profit and sustainability, as in today’s economies they become commoditized in a growingly fast manner. Nowadays, innovation must include business models rather than just technology and R&D (Chesbrough 2007), and with the greater frequency of disruption and dislocation in many industries, business model lifecycles are shortening as well.
For a business to grow into a more profitable one, the manager should emplace measures to insure that customer service is made number one priority. After implementing a structure, it is recommended that the customer service representatives, along with other employees in the business, undergo continuous training in order to maintain the standards set out by the customer service model. Having the right structure in important in any business entity and will have positive implications on its profits.
The main challenges in the manufacturing companies are in the following stage of product development.