What are the benefits of the product life cycle?

The

paradigm of the product life cycle helps businesses to make decisions based on the shared archive of knowledge and strategy of industry. The structure of the product development process can be analyzed over time to identify the formulas. The results of business decisions made in the stages of the life cycle can be quantified and compared with the decisions of competitors.

There are many advantages of the product structure of the product. Within this approach, the products are considered to be four phases: Introduction, growth, maturity and decline. By distributing the product into four components, the impact on each component will decide easier and evaluated. As the product's life cycle approach is a standard methodology throughout the industry, companies can benefit from monitoring competitors in decision -making that affect their own products in the normal analytical framework.

Business Managers is always trying to make better decisions for the present abudy. Among other advantages of life CYThe product of the product belongs to what can be expected and managers' ability to plan for the future. Managers do not have to develop a vacuum product and wondered what happens over time. The declining market share does not have to catch them unknowingly. By planning the concept of the product life cycle, managers can control the future product trajectory.

Another important advantage of the product life cycle stems from the common context of an analytical approach to business operations. The ability to study how other companies have controlled their product cycles, can enable managers to implement strategies to change the course of development, or extend the profitability of the product. For example, a company studying the market leaders' decisions could find a way to apply a new innovation to an existing product for an extended phase of maturity or to withstand a product drop. Businesses over time test many strategies and can be usable on OpeRace of another company simply because there is a structure of analysis that standardizes this process.

internally, some of the advantages of the product paradigm go to the management of employees and responsibility. With the component structure established, it is easier to assign employees to specific stages of product development, to identify employees who have talent in certain areas and evaluate the performance based on goals and goals that are bound to phase rather than the product in general. For example, there may be employees who are particularly adept at the introduction of new products, or others who excel in innovative brainstorming for product supplements to extend the maturity phase. Employees can be assigned to tasks in their areas of competencies and evaluated on the basis of objectives related to one stage of development.