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
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