A product lifecycle is the succession of stages from the product’s birth until its final withdrawal from the market. While each stage brings significant changes, a succession of strategies for the management of product lifecycle is required. The product lifecycle management creates and manages a company's product-related intellectual capital starting from an idea to its final retreat. In pharmaceutical industry, it benefits through enhancing the lifespan of patent and pricing strategies. Improved patient compliance, revenue growth, expanded clinical benefits, cost advantages life extension exclusivity and quicker market launch are amongst the main applications of product lifecycle management. To fabricate an effective and fruitful product lifecycle management program many attributes are considered. The chief ones are: early start; strategic planning clear leadership; supporting knowledge and skills, preparedness for changing rules of government and organizations.The present manuscript focuses on product lifecycle management, its applications and the key considerations for a successful product lifecycle management.
Maturity - case study 1
Faced with increasing competition from Pepsico, Coca-Cola incurred the wrath of its core customers by changed the formula and the taste of its existing Cola for the first time in 99 years, to create what was referred to as 'New Coke'. This change was met by a 'firestorm of consumer protest' as Coke describes it on their website. The protest lasted for 79 days until Coca-Cola capitulated and reinstated the traditional formula now branded 'Coca-Cola Classic'.
You can read more about The Real Story of New Coke on the Coca-Cola website, either in the window below, or by following the previous link to open the article in a new window.
Notice that even in this apparent comprehensive history of the product, Coca-Cola find it impossible to mention Pepsi by name!
Maturity - case study 2
Identify the nature of the promotion being employed by Kellogg's and why this is suitable for the product given its stage in its product life cycle.