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Product lifetime or product lifespan is the time interval from when a product is sold to when it is discarded. [ 1 ] Product lifetime is slightly different from service life because the latter considers only the effective time the product is used. [ 1 ]
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 human resource strategies in each life cycle stage.
As time increases further, the curve reaches a period of increasing failures, modeling the product's wear-out phase. For an individual product, the component parts may each have independent service lives, resulting in several bathtub curves. For instance, a tire will have a service life partitioning related to the tread and the casing.
Customer lifetime value is an important concept in that it encourages firms to shift their focus from quarterly profits to the long-term health of their customer relationships. Customer lifetime value is an important metric because it represents an upper limit on spending to acquire new customers. [2]
The core of PLM (product lifecycle management) is the creation and central management of all product data and the technology used to access this information and knowledge. PLM as a discipline emerged from tools such as CAD , CAM and PDM , but can be viewed as the integration of these tools with methods, people and the processes through all ...
16. XIKAR. XIKAR, which makes cigar accessories, offers a limited lifetime warranty on all products. Simply drop your lighter or cigar cutter in the mail, and the company will repair or replace it ...
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Reliability engineering is a sub-discipline of systems engineering that emphasizes the ability of equipment to function without failure. Reliability is defined as the probability that a product, system, or service will perform its intended function adequately for a specified period of time, OR will operate in a defined environment without failure. [1]