Delivering Customer value Assignment Example | Topics and Well Written Essays - 2250 words

Delivering Customer value - Assignment Example In a view of that, it can be firmly asserted that there is a continuous requirement for developing new products that are cost effective and at the same time possess high quality characteristics (Liu, 2003). In order to develop a successful new product, it is required to have a structured approach towards new product development. . However, initiatives of an organisation to develop and deliver new product at time result in failure causing heavy financial loss. In this regard, one of the major reasons behind the failure is associated with the poor development and delivering process. This implies that product development process in some organisations relies heavily on trial and error methods rather than embracing structured and scientific procedures. This is where the importance of product lifecycle (PLC) models can be identified (Owens & Davies, 2000). The product life cycle (PLC) concept can be asserted as a marketing strategy and planning tool. The concept is actually based on the stages over a product’s life. Over the years several PLC models have been developed. The approaches of PLC concept are based on some key consumer trends during product evaluation and market evaluation. In general, PLC generally incorporates four elements to include innovation, imitation, repeat and substitute (Steffens, 2002). In accordance with Steffens (2002), the traditional PLC concept suggests the four stages. Those are introduction phase, growth phase, maturity phase and decline phase. When a product is introduced for the first time in the market place, that stage is known as introduction phase. Subsequently, when the consumers become more familiar about the product and start choosing the products among various alternatives, that stage is termed as a growth phase. Next, the stage when the product gains the highest market share among others that phase is usually known as maturity phase. During this phase, the consumer demand for the particular product is at peak. Finally, after