Question

The life cycle phenomenon of products allows Operations Manager to anticipate the production and distribution need and plan for them well in advance. What are some differentiated ways in which OM manager differ their strategies at each stage of product life cycle? Assess them in terms of cost, revenue and profit angle. [Provide your answer with supporting with appropriate theory for about minimum of 200 words]

Answer 1

Answer: Some Differentiated Ways where OM manager contrast their Strategies at each phase of the product life cycle

Product introduction strategies: You could likewise attempt to restrict the product or administration to a particular kind of shopper - being specific can support requests. Peruse increasingly about the introduction phase of a product life cycle. During the introduction stage, you should expect to:

• build up an unmistakable brand personality
• interface with the correct accomplices to advance your product
• set up customer tests, or give tests or preliminaries to key objective markets
• value the product or administration as high as you trust you can sell it, and to mirror the quality level you are giving

Product growth strategies: Marketing strategies utilized in the growth stage predominantly plan to expand benefits. A portion of the normal strategies to attempt are:

• improving product quality
• including new product highlights or bolster administrations to develop your piece of the overall industry
• enter new markets sections
• continue estimating as high as is sensible to keep request and benefits high
• increment circulation channels to adapt to developing interest
• moving promoting messages from product attention to product inclination
• skimming product costs if your benefits are excessively low.

Product maturity strategies: When your business top, your product will enter the maturity stage. This frequently implies your market will be soaked and you may find that you have to change your advertising strategies to delay the life cycle of your product. Normal strategies that can help during this stage fall under one of two classifications:

• advertise alteration - this incorporates entering new market portions, rethinking objective markets, prevailing upon contender's clients, changing over non-clients
• product change - for instance, modifying or improving your product's highlights, quality, valuing and separating it from different products in the checking

Product decline strategies: During the end phases of your product, you will see declining deals and benefits. This can be brought about by changes in shopper inclinations, mechanical advances, and choices are available. At this stage, you should choose what strategies to take. If you need to set aside cash, you can:

• decrease your limited time consumption on the products
• decrease the number of dissemination outlets that sell them
• actualize value slices to get the clients to purchase the product
• balance another utilization for the product
• keep up the product and trust that contenders will pull back from the market first
• reap the product or administration before suspending it

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