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The goals of product life cycle management (PLM) are to reduce time to market, improve product quality, reduce prototyping costs, identify potential sales opportunities and revenue contributions, maintain and sustain operational serviceability, and reduce environmental impacts at end-of-life.
The Product Life Cycle Theory is an economic theory that was developed by Raymond Vernon in response to the failure of the Heckscher–Ohlin model to explain the observed pattern of international trade. The theory suggests that early in a product's life-cycle all the parts and labor associated with that product come from the area where it was ...
Theodore Levitt (March 1, 1925 – June 28, 2006) was a German-born American economist and a professor at the Harvard Business School. He was editor of the Harvard Business Review , noted for increasing the Review's circulation and popularizing the term globalization .
There are several life-cycle models in each industry to consider, but most are rather similar. What follows below is one possible life-cycle model; while it emphasizes hardware-oriented products, similar phases would describe any form of product or service, including non-technical or software-based products: [16]
In marketing, the whole product concept is the third iteration of a model originally developed by Philip Kotler, a professor at the Kellogg School of Management at Northwestern University. In his book entitled “ Marketing Management ” Kotler drew attention to the fact that consumers purchase more than the core product itself.
Marketing myopia is the tendency of businesses to define their market so narrowly as to miss opportunities for growth. It is suggested that businesses will do better in the long-term if they concentrate on improving the utility of a product or good, rather than just trying to sell their products.
Sustainability marketing aims at marketing sustainable products and services which “satisfy customer needs and significantly improve the social and environmental performance along the whole life cycle”, [7] while increasing customer value and achieving the company's objectives. In turns, sustainability marketing myopia is an exaggerated ...
Theodore Levitt, a professor at Harvard Business School, suggested that, "differentiation is one of the most important strategic and tactical activities in which companies must constantly engage." [2] The term has been extended to cover one's "personal brand". [3]