2.5. Flexible Product Development. . Hugos, M. H. (2009) observed that “flexibility is important because the development of a new product naturally involves change from what came before it. Change can be expected in what the customer wants and how the customer might use the product, in how competitors might respond, and in the new technologies being applied in the product or in its manufacturing process.” The new product development team will make changes to new product depending on how innovative the new product is but for a ‘more matured product categories’ flexible product development is costly and inexpedient. Therefore the flexible methods must be used with sagacity; for example, the change must not be a complete overhaul but a piecemeal must undergo change.
Consequently, flexibility techniques must be used with discretion, for instance, only in the portions of a product likely to undergo change. (Hugos, M. H. 2009)
https://en.wikipedia.org/wiki/Flexible_product_development …show more content…
PRODUCT LIFE CYCLE: Product Life Cycle is an important concept in marketing that is fundamental to the way a company manages its brand because the most successful product will lose its appeal one day due to obsolescence and change in consumer demand .If this concept is adhered to by the companies, it has advantages and disadvantages. When a company realizes that the demand for a product will decline with time that will make the company to plan how to allocate resources at each stage of the product life cycle. This concept will help the company to focus on ‘product development and innovation’. It allows the company to take a proactive measure instead of waiting for the product to
Consequently, flexibility techniques must be used with discretion, for instance, only in the portions of a product likely to undergo change. (Hugos, M. H. 2009)
https://en.wikipedia.org/wiki/Flexible_product_development …show more content…
PRODUCT LIFE CYCLE: Product Life Cycle is an important concept in marketing that is fundamental to the way a company manages its brand because the most successful product will lose its appeal one day due to obsolescence and change in consumer demand .If this concept is adhered to by the companies, it has advantages and disadvantages. When a company realizes that the demand for a product will decline with time that will make the company to plan how to allocate resources at each stage of the product life cycle. This concept will help the company to focus on ‘product development and innovation’. It allows the company to take a proactive measure instead of waiting for the product to