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Businesses should manage their products carefully...




Businesses should manage their products carefully over time to ensure that they deliver products that continue to meet customer wants. They should also expect a fluctuation in sales as the product moves through the product life cycle. Once the product moves through its life cycle, there should be planned stages of demand changes which will have a direct affect on production. Whether a business owner, Product Manager or Market Manager, step back from the pressure of monthly goals, quarterly objectives and annual budgets: Take a long hard look at how to increase profitability and ROI over the life of the product, brand or industry. Business success and profitability are tied directly to product management and where a product is in the Product Life Cycle. Marketing advantage can be gained from an accurate business assessment of where your product is on the Product Life Cycle Graph. Can you think of any "cash cow" products/services currently in the marketplace?


Paper#12492 | Written in 18-Jul-2015

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