Step 1 Pick two products that are available in the marketplace. The first produc

Question

Step 1Pick two products that are available in the marketplace.

The first product should be well-established (available for many years) from a well-established company. The second product should be a new product, recently released, from a young company.

Step 2State where you believe each product lies in the product life cycle.

Be sure to clearly state how you came to the conclusion for each of your four products.

Step 3Comment on organizational processes that led to each product's development.

Speculate as to how you believe the product development processes are different and similar between the two organizations (one well established and one new). Consider issues such as approvals, timing, and organizational design.

Step 4Pick two products that failed in the marketplace.

These can be products that recently failed or that failed a long time ago.

HINT: Start by typing "failed products" into your favorite search engine and see what comes up.

Describe where the product was in the product life cycle when it failed and speculate as to why it was not successful.

Speculate on what the company could have done differently that might have led the product not to fail.

Explanation / Answer

Step 1: Pick two products that are available in the marketplace.

There are many options you could use in this step. Products that have been available for a long time include computers, cell phones, certain baby toys, etc. You may want to use a well-known product, like the iphone.
It would be a good choice because the features, marketing, and various strategies for the product are also well-known due to the phone’s popularity.

For a product that's new, The Table PC is a good choice, and it's a choice few others will likely have. It could also search the web to find products that are labeled as "new and noteworthy.

The most challenging competitors to identify. However, they must remember that our customers define our competition. After all, the competition is simply the other choices they may choose to make. So they must interview customers, listen to their social media conversations, and understand macro trends to gain an understanding of what choices they are really making.

3D Televisions: 3D may have been around for a few decades, but only after considerable investment from broadcasters and technology companies are 3D TVs available for the home, providing a good example of a product that is in the Introduction Stage.

Video Recorders: While it is still channces to purchase VCRs this is a product that is definitely in the Decline Stage, as it’s become easier and cheaper for consumers to switch to the other, more modern formats.

Laptops: Laptop computers have been around for a number of years, but more advanced components, as well as diverse features that appeal to different segments of the market, will help to sustain this product as it passes through the Maturity stage.

Typewriters: Typewriters, and even electronic word processors, have very limited functionality. With consumers demanding a lot more from the electronic equipment they buy, typewriters are a product that is passing through the final stage of the product life cycle.

Increasing the amount of the product used by existing customers. Adding or updating product features.

Price promotions to attract customers who use a rival brand. Advertising to encourage trial of the product people who don't use this category of product at all.

Before a product can embark on its journey through the four product life cycle stages, it has to be developed. New product development is typically a huge part of any manufacturing process. Most organizations realize that all products have a limited lifespan, and so new products need to be developed to replace them and keep the company in business. Just as the product life cycle has various stages, new product development is also broken down into a number of specific phases.

The Idea: Every product has to start with an idea. In some cases, this might be fairly simple, basing the new product on something similar that already exists. Their may be something revolutionary and unique, which may mean the idea generation part of the process is much more involved. In fact, many of the leading manufacturers will have whole departments that focus solely on the task of coming up with ‘the next big thing’.

Research: For a new product, but once it has selected the best of them, the next step is to start researching the market. This enables them to see if there’s likely to be a demand for this type of product, and also what specific features need to be developed in order to best meet the needs of this potential market.

Development: The development of the product. Prototypes may be modified through various design and manufacturing stages in order to come up with a finished product that consumers will want to buy.

Testing: The manufacturer spends a large amount of money on production and promotion, most companies will test their new product with a small group of actual consumers. This helps to make sure that they have a viable product that will be profitable, and that there are no changes that need to be made before it’s launched.

Analysis: The feedback from consumer testing enables the manufacturer to make any necessary changes to the product, and also decide how they are going to launch it to the market. With information from real consumers, they will be able to make a number of strategic decisions that will be crucial to the product’s success, including what price to sell at and how the product will be marketed.

Introduction: When a product has made it all the way through the new product development stage, the only thing left to do is introduce it to the market. Once this is done, good product life cycle management will ensure the manufacturer makes the most of all their effort and investment.

Google Glass. In the first half of 2014, Google was touting Glass, a pair of high-tech glasses that scan your surroundings and beam relevant information to retina, as the must-have product of the near future. But after conducting more testing, Google realized that Glass couldn’t function as seamlessly as it once thought. Constantly processing and pulling up all that material would need a far larger battery than the average Smartphone has, and it would also eat up way too much cellular data. Glass has received endless criticism from the start due to its bulky and distracting design.

Fitbit Force. In February, Fitbit recalled its Force wristband after many users complained that it caused skin irritation such as rashes and blisters. The wearable activity tracker had only been on the market a few months and was doing well before the voluntary recall.

Although Fitbit offered Force owners a full refund and free return shipping, a class action lawsuit was filed in California. The suit called for Fitbit to contact and issue a refund to every Force owner in the state, as well as fully disclose the cause of the skin irritation. Fitbit quickly redeemed itself, launching several new and improved products

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