Product Life Cycle Theory: Computer Aided Manufacturing Industry

STRATEGIC MARKETING MANAGEMENT
PROFESSOR: DR. MICHEAL J MAGUIRE
STUDENT NAME: VANDITA AGARWAL
STUDENT NUMBER: 10369883

TOPIC: PRODUCT LIFECYCLE

In today’s modern times, every organisation and corporate world is familiar with the term product life cycle. It is the deciding factor for either the success or downfall of an individual company or organization. The concept of product life cycle is considered as a judicial aspect for any company as the consumers’ expectations from the product raises a high notch bar when it reaches the maturity level and it gives the company a satisfaction level to be in the market. Product life cycle simply in an industry or market is the pathway of a product from the beginning of its birth to the last phase of its dead. The idea of evolution and the continual assimilation of computer oriented product-based solutions have impacted hugely on the development of the product life management since early engineering design applications (e.g. Computer Aided Design (CAD), or Computer Aided Manufacturing (CAM)) in the 1970s and 1980s, through to the integration of Enterprise Resource Planning (ERP),

Few criticisms of the theory are:
The time taken by each product in a stage is different and there is no set time taken by a product in each stage. Each product time line is different which is not stated in the theory.
The last stage of the product life cycle theory says that each product must die where as there are various products which have not undergone this stage since the beginning of the cycle.
The theory is designed for smaller products ignoring the larger brands into account.
The theory lacks in technological progress of a product and ignores the development of product which happens by redesigning the product or by its