Full course: https://www.udemy.com/4-strategies-for-product-and-service-management/?couponCode=PROMONOW
Understanding Product Life Cycle
Understanding the product life cycle is an important step in formulating a successful product strategy. Operations management is responsible for the majority of the stages in the life cycle, with marketing handling the remainder.
But it's essential that for each stage of the product life cycle, both operations and marketing are aligned and communicate in an effective manner with each other. This relationship is extremely important – it can determine whether a product strategy is successful or not.
Stages of the Product Life Cycle
The product life cycle has four stages:
1 - introduction.
2 - growth.
3 - maturity, and
4 - decline.
Introduction
The first stage involves the product being introduced to a new market. Product awareness and development are key aspects of this process. Branding and quality levels are established and issues relating to intellectual property, patents, and trademarks are addressed.
At this point in a product's life cycle, its target audience includes innovators and early adopters. It isn't heavily distributed at this stage, as the organization wants to wait until there is significant consumer acceptance of the product.
Growth
The second stage is the growth stage. The organization tries to build brand preference to retain a loyal customer base. The aim is to increase the product's market share. Quality and price become very important factors at this stage. Additional features may be added to the product to ensure consumer interest is maintained.
The promotion of the product is widened and the target audience broadens. The product is more widely distributed in response to increasing demand and customer acceptance.
Maturity
In the third stage, maturity, it is common for sales to plateau, partly in response to increased competition. The volume of production stabilizes and the product begins to show significant return on investment.
Full course: https://www.udemy.com/4-strategies-for-product-and-service-management/?couponCode=PROMONOW
Showing posts with label life cycle. Show all posts
Showing posts with label life cycle. Show all posts
Friday, July 24, 2015
Thursday, July 23, 2015
Product and Service Management - Introduction to the Product Life Cycle
Full course: https://www.udemy.com/4-strategies-for-product-and-service-management/?couponCode=PROMONOW
Product and Service Management Activities
Think of a product or service that your organization provides. Now think about the recurring activities that manage and support that product or service. These activities are known as product and service management.
Your company might not classify these activities under the product and service management umbrella, but every organization carries out this management practice.
Strategies for Products and Services
This type of management is responsible for creating strategies for a company's products and services. To achieve this, product and service management is interlinked with the product and service life cycle.
The product or service strategy needs to be tailored specifically to the requirements of the stage in the life cycle the product or service has reached.
The Product and Service Management Process
The product and service management process always begins with a new product or service idea. This process guides the product or service to the market and provides support to customers who purchase it. Throughout the course the term 'product' may be used in reference to both products and services.
Product and service management is a vital process in both service and manufacturing operations. And, remember that whether a product is tangible – for example a laptop – or intangible – such as phone service support for laptop operation – it requires product and service management.
Manufacturing and Service Operations
Manufacturing and service operations both rely on product and service management to provide a complete beginning-to-end solution for their products. Examples of manufacturing operations include automobile manufacturers, laptop producers, and pharmaceutical companies.
The same principles apply to a service environment and a manufacturing environment. So, regardless of the type of environment, the main principles of operations management will apply.
More often than not, companies are combining both manufacturing and service elements in their product offering to remain competitive. A common example of this is in the computer manufacturing industry, where support services are also offered with the product.
Importance of Product and Service Management
By ignoring product and service management, your company runs the risk of failing to maximize a potentially successful product's potential or promoting a product with no market potential at all. Both outcomes result in losses for your company.
Full course: https://www.udemy.com/4-strategies-for-product-and-service-management/?couponCode=PROMONOW
Product and Service Management Activities
Think of a product or service that your organization provides. Now think about the recurring activities that manage and support that product or service. These activities are known as product and service management.
Your company might not classify these activities under the product and service management umbrella, but every organization carries out this management practice.
Strategies for Products and Services
This type of management is responsible for creating strategies for a company's products and services. To achieve this, product and service management is interlinked with the product and service life cycle.
The product or service strategy needs to be tailored specifically to the requirements of the stage in the life cycle the product or service has reached.
The Product and Service Management Process
The product and service management process always begins with a new product or service idea. This process guides the product or service to the market and provides support to customers who purchase it. Throughout the course the term 'product' may be used in reference to both products and services.
Product and service management is a vital process in both service and manufacturing operations. And, remember that whether a product is tangible – for example a laptop – or intangible – such as phone service support for laptop operation – it requires product and service management.
Manufacturing and Service Operations
Manufacturing and service operations both rely on product and service management to provide a complete beginning-to-end solution for their products. Examples of manufacturing operations include automobile manufacturers, laptop producers, and pharmaceutical companies.
The same principles apply to a service environment and a manufacturing environment. So, regardless of the type of environment, the main principles of operations management will apply.
More often than not, companies are combining both manufacturing and service elements in their product offering to remain competitive. A common example of this is in the computer manufacturing industry, where support services are also offered with the product.
Importance of Product and Service Management
By ignoring product and service management, your company runs the risk of failing to maximize a potentially successful product's potential or promoting a product with no market potential at all. Both outcomes result in losses for your company.
Full course: https://www.udemy.com/4-strategies-for-product-and-service-management/?couponCode=PROMONOW
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