George W. Potts however emphasized that is possible for business to extend the product lifecycles for their products by investing in the service cycle for the products. “Just as with the product life cycle, however, the service life cycle can be exploited shrewdly for revenue and profit generation.” (Potts, 1988) The service cycle is basically the alternative and consequent cycle of extending the brand, and maintaining and the repositioning of the product in the market through changing the marketing mix and investing in after sales services for the products. This is true for high utilization, long term use products, specifically which are luxury items or highly technical in nature.
The product lifecycle approach to management is also a significantly important concept for the marketing functions in the business. This is of particular importance for new product development (NPD) as the conceptual analysis through the product lifecycle management (PM) can provide extensive insight into the market for the competition and the specific strategies that can be adopted to the launch a product into the market. “Life cycle orientation would provide companies with a feasible framework for constructing the performance measures of NPD, and the framework is likely to reduce the short-termism typically associated with NPD PM. In addition, life cycle could provide help for weighting the criteria and the measures utilized in NPD, for finding a balance for the measurement system, and for directing proper attention towards the comprehensive effects of new products.” (Suamala, 2004)
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