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Supply chain manageent.docx - Question: What are some...

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Question:What are some industries in which products have proliferated and life cycles have shortened?How has the supply chains in these industries adapted?1 |P a g e
Answer:First I want to describe about product and product life:Product:A good, idea, method, information, object or service created as a result of a process andserves a need or satisfies a want. It has a combination of tangible and intangible attributes(benefits, features, functions, uses) that a seller offers a buyer for purchase. For example a sellerof a toothbrush not only offers the physical product but also the idea that the consumer will beimproving the health of their teeth.Product life:The concept of product life cycle (PLC) concerns the life of a product in the marketwith respect to business/commercial costs and sales measures. The product life cycle proceedsthrough multiple phases, involves many professional disciplines, and requires many skills, toolsand processes. PLC management makes the following three assumptions:Products have a limited life and thus every product has a life cycle.Product sales pass through distinct stages, each posing different challenges, opportunities,and problems to the seller.Products require different marketing, financing, manufacturing, purchasing, and humanresource strategies in each life cycle stage.Once the product is designed and put into the market, the offering should be managed efficientlyfor the buyers to get value from it. Before entering into any market complete analysis is carriedout by the industry for both external and internal factors including the laws and regulations,environment, economics, cultural values and market needs.Product life cycleisguanine conceptand this term ‘product life cycle’ is associated with every product that exists, however, due to alimited shelf life the product has to expire. From the business perspective, as a good business, theproduct needs to be sold before it finishes its life. In terms of profitability, expiry may jolt theoverall profitability of the business therefore there are few strategies, which are practiced toensure that the product is sold within the defined period of maturity.
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Next we want to know about product life cycle:Product Life Cycle Stages ExplainedThe product life cycle has 4 very clearly defined stages, each with its own characteristics thatmean different things for business that are trying to manage the life cycle of their particularproducts.

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Term
Spring
Professor
md rimon hossain
Tags
Supply Chain Management, Product life cycle management

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