PRODUCT LIFE CYCLE
BACHELOR OF BUSINESS ADMINISTRATION
FIRST YEAR - FIRST SEMESTER
FACULTY GUIDE-MRS beena kumar
ASSISTANCE PROFESSOR – ECONOMIC
I would like to express my special thanks of gratitude to my faculty guide Mrs Priyanka Chandanani who gave me the golden opportunity to do this wonderful topic Product Life Cycle which also helped me in doing a lot of research and I came to know about so many new things. I am really thankful to her Secondly I would also like to thank my parents and friends who helped me a lot in finishing this project within limited time I am making this project not only for marks but to also increase my knowledge
THANKS AGAIN TO ALL WHO HELPED ME
The product lifecycle model can be understood as a three-stage model of technological development associated with a particular product technology. In the explorative stage many different designs are developed, in the development stage products become standardized into a dominant design, and in the mature stage only incremental changes occur within the dominant design. Although the product lifecycle model is widely accepted and often applied in empirical research, innovation scholars have failed to develop systematic theoretical models that explain the different stages of technological development along the lifecycle. In this study, an attempt is made to contribute to product lifecycle theory by developing a theoretical model based on percolation dynamics. The model combines the concept of increasing returns to adoption with information diffusion among consumers within social networks. The main contribution of the model is that it replicates the three stages of the product lifecycle as an outcome of a single elementary process. The model also replicates the S-shaped diffusion curve and the occurrence of an industry shakeout.
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WHAT IS A PRODUCT???
Product can be defined as anything that can be offered to a market to satisfy a want or need. It is offered for acquisition, use or consumption. There can be three types of benefits a customer may seek to satisfy from the purchase of the product, viz.. 1-functional benefit 2-psycological benefit 3-social benefit For example, the purchase of a motorcycle provides functional utility of transportation, but at the same time satisfy the need for prestige and esteem and provide social benefit by the way of acceptance from a group by riding a motorbike. In other words, product is a good service or idea consisting of a bundle of tangible and intangible attributes that satisfies consumer and is received in exchange for money or some other unit of value. Product may be classified into two categories 1-consumer’s products 2-industrial products A product can be said to have three elements:
Core benefits-what the product does-the main function of the product. Example, Washing machine it cleans clothes. Cinema – it shows the film you want to see. Tangible or Physical element – What the product is made of; what it look like; dimensions or durations. Example, 500g of Ice-cream. A Flat-screen plasma television which is HDTV compatible. Augmented benefits- The extra elements which add to the perceived value of the product in the eyes of the consumer. Augmented benefit can be tangible (e.g. material, weight, extra features) or intangible (e.g. brand name, after-sales service, reputation for reliability) E.g. Free installation, Full money back guarantee. Often the augmented benefits of a product are the key determinant of whether a customer decides to buy. Many successful businesses really understand this....
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