Understanding Product And Process Life Cycle

2643 words - 11 pages

Understanding the life cycle of either a product or process is vital to understanding how resources should be used. Also, the success of a product or service may be impacted by the understanding of the life cycle. Author Gherasiam (2011) believes that a product has a limited life, the product selling evolution has different stages, profit levels are different at each level of the life cycle, and marketing strategies should differ from stage to stage.
Whether a product or a process, manufacturers or companies need to be aware of the stage in which the product or process is within the life cycle. The stages of the product or process life cycle include the introduction period, growth, and maturity (Meredith & Shafer, 2013, p. 37). These three stages are directly related to the amount or product or services that should be available. The stages in which the volume is determined are respectively initiation, expansion, and maturity (Meredith & Shafer, 2013, p.77). An example of a basic product life cycle curve can be seen in Appendix A.
Hobby Lobby product life cycle
Hobby Lobby has a tremendous amount of products it provides to its customers. For the purpose of this research however, the products will be divided into two categories home décor and crafts. Home décor products are those already assembled and ready for the customer to add to their home. In the current societal trends where consumers are interested in decorating and designing their homes the product life cycle for home décor products could be said to be in the maturity phase of the product life cycle. Especially, due to the consumerism seen specifically in America, people as long as they continue to have disposable income will continue to decorate their homes. Competitors of Hobby Lobby’s home décor department include TJ Maxx and Marshalls, however, this relationship will be developed more within the benchmarking discussion.
The second category of products provided by Hobby Lobby includes arts and crafts. Many crafting hobbies are stagnant as the population is aging and as more people find purchasing a finished product verse making their own to save time and money. Specifically, Hobby Lobby stores provide an extensive sewing department. While sewing departments in other stores such as Wal-Mart have been either cut back or eliminated, Hobby Lobby has held on to this part of the market. Sewing products specifically may be declining in the product life cycle as consumers find purchasing clothes to be cost and time saving. Hobby Lobby sees though that this market is not completely dead and wants to continue to provide this product. This in turn will increase sales as consumers will come to Hobby Lobby looking for sewing materials and may leave with additional products after meandering through the aisles of thousands of products.
Product life cycle Biblical integration
Matthew 13: 1-23 is the parable of the sower and the seeds that Jesus spoke to the multitude of...

Find Another Essay On Understanding Product and Process Life Cycle

Product life cycle Essay

542 words - 2 pages A product life cycle deals with the life of a product in the market, with respect to the business costs and sales. A product goes through three stages in the design cycle and these stages are introduction, maturity and decline.The first stage is the introduction stage and in this stage, the product created and is promoted to create awareness as sales will be low until customers become aware of the product and its benefits. The primary goal of

Product Life Cycle Essay

1550 words - 6 pages Product life cycle is a continual point of focus for companies in their strategic planning. As new products emerge and existing products continue to exist, companies need to assess the stages of the product life cycle and determine the necessary steps to keep the product growing and generating revenue. Eventually, every product will pass through all stages of the product life cycle and cease to exist in the current form.The product life cycle

The Product Life Cycle

1014 words - 4 pages The Product Life Cycle Every product have a beginning and have an end which means they have a life span. The stages through which individual products develop by time is called ‘Product Life cycle’. The Product life cycle has four major stage which are: ¨ Introduction Stage ¨ Growth Stage ¨ Maturity Stage ¨ Decline Stage Products experience each of these stages at different times and at one point in time a firm may also have a

Product Life Cycle and New Product Pricing and Mix Product Pricing Strategy

1676 words - 7 pages Product Life Cycle StrategiesProduct, which is "anything that is capable of satisfying customers needs". Every product have a "life cycle" which similar as living organism, product will growth, become mature and decline. The stages of product's development, called "Product Life Cycle".Product Life Cycle included five stages: Product Development, Introduction, Growth, Maturity and Decline.Real market situation1. Introduction StageAs the name

Pasta Hut and Pizza Hut , product life cycle

1025 words - 4 pages On April 2008, Pizza Hut announced the introduction of a new product line called the "Tuscani Pasta". Like any product, this product has a life cycle. Different strategies should be maintained through each stage of the cycle in order to move the product throughout the cycle.1.Introduction Stage:The main purpose of this stage is to introduce the new product to the market. The company must be aware of the tremendous amount of time and money which

Project Analysis Approach and Project Development Life Cycle Methodologies Process

2238 words - 9 pages greater efficiency and the lower unit costs associated with reliable products. (Hill/Jones, Page 88-89)* Innovation: It refers to the act of creating new products or processes. There are two types of innovation: product innovation and process innovation. Product innovation is the development of products that are new to the world or have superior attributes to existing products. Process innovation is the development of a new process for producing

Product Lifecycle of the MP3 Player Discusses: Nolan/Norton Technology Cost, Product Life Cycle, and Stages of Production.

1141 words - 5 pages Overall ClassificationAnytime a company develops a new product or service, it needs to be aware that the product and/or service will not last forever. This is important to recognize in the early stages of development so that a firm can maximize their profits during the product's life cycle. Albeit, no company can accurately predict the duration of a product or service, any product/service progresses through four distinct phases. Each phase is

Strategy, Process, Product, and Services

4190 words - 17 pages market segments through own distribution channels and aggressive advertising. Their growing position on the market with unnecessary cooperation with rivals could be also due to pre-emptive defence by using advanced technology and developed R&D.Marketing mixEven though today's market is highly competitive Honda's product life cycle identifies growth stage (appendix 8) (http://world.honda.com/timeline/auto/) they are generating higher revenue

Product Life Cycle Analysis For The Apple Ipod

1616 words - 6 pages that seems to be everywhere you look. For the past years we have seen how APPLE Computers Inc. has not only introduced the Ipod into the market for music players, but created the new must have pop icon. The following is a brief analysis of the product life cycle of iPods. iPods were first introduced to in 2001 and has since grown into a recognized cultural symbol. Designed and marketed by Apple Computer, iPod is a brand of digital audio/video

Product Life Cycle As A Strategic Marketing Tool

2057 words - 8 pages 1. Introduction ? What Product Life Cycle is about The Product Life Cycle (PLC) is a theoretical concept, which put forward that any product idea will go through different stages from beginning to the end. PLC is typically divided into 4 stages and could be illustrated by a bell-shaped curve (see figure 1). The stages are, namely: · Introduction · Growth · Maturity · Decline Total sales of the product vary in each of

Learning Team Meeting Three Assignment D. Describe the pace at which your product will move through the product life cycle and the factors that will impact its movement.

2145 words - 9 pages Learning Team Meeting Three AssignmentD. Describe the pace at which your product will move through the product life cycle and the factors that will impact its movement.Product Lifecycle Management, PLM, integrates engineering, manufacturing and service to reduce costs, improve quality and reduce time to market. Today, PLM has evolved to include the entire enterprise. This means coexistence with other point solutions and enterprise applications

Similar Essays

Product L Ife Cycle Essay

967 words - 4 pages for a product company is a superior product development cycle. A company without such a process is fumbling in the dark.What products should be produced? When should decisions be made? Who has authority to make them? What information is needed? By clearly understanding decisions, the PLC process eliminates much of the guesswork. The result is the right product reaching the market more efficiently, product revenue, customer satisfaction, and productivity are increased. Companies can achieve competitive advantage and operational efficiency by understanding the dynamics of product life cycles and implementing a Product Life Cycle system.

International Product Life Cycle Essay

932 words - 4 pages INTRODUCTION In this essay will explain and evaluate the stages of the international product life cycle and identify locus of operations and target market at each stage. We also will identify the different dimensions of the international product mix with company illustrations and examine the new product development process and the activities involved at each stage in international markets. Finally we will also will examine the degrees

Bmw's Product Life Cycle. Essay

655 words - 3 pages any product has four stages of life cycle: introduction, growth, maturity, and decline. However, this concept does not quite fit with BMW's products. Jim McDowell, vice president of marketing at BMW says " If a product is declining, we would prefer to withdraw it from the market, as opposed to having a strategy for dealing with the declining product," In other words, Maturity and Decline stages do not usually exist in BMW's product life cycle

The Product Life Cycle Essay

2347 words - 9 pages What is the product life cycle? The PLC indicates that products have four things in common: (1) they have a limited lifespan; (2) their sales pass through a number of distinct stages, each of which has different characteristics, challenges, and opportunities; (3) their profits are not static but increase and decrease through these stages; and (4) the financial, human resource, manufacturing, marketing and purchasing strategies that products