Product Life Cycle Essay Example for Free

Product Life Cycle Essay Definition: Products come and go. A company’s challenge is to hold on to its customers longer than it holds on to its products. It needs to watch the market life cycle and the customer life cycle more than the product life cycle. Someone at Ford realized this: â€Å"If we’re not customer driven, our cars won’t be either.† One selects marketing tools that are appropriate to the stage of the product’s life cycle. For example, advertising and publicity will produce the biggest payoff in the introduction stage of a product; their job is to build consumer awareness and interest. Sales promotions and personal selling grow more important during a product’s maturity stage. Personal selling can strengthen customers’ comprehension of your product’s advantages and their conviction that the offering is worthwhile. Product Development and Life-Cycle Strategies: In the face of changing customer needs, technologies and competition, product innovation or the development of new products has become vital to a companys survival. Introducing new products, however, is not sufficient. The firm must also know how to manage the new product as it goes through its life cycle: that is, from its birth, through growth and maturity, to eventual demise as newer products come along that better serve consumer needs. This product life cycle presents two principal challenges. First, because all products eventually decline, the firm must find new products to replace ageing ones (the problem of new-product development). Second, the firm must understand how its products age and adapt its marketing strategies as products pass through life-cycle stages (the problem of product life-cycle, strategies). We therefore look initially at the problem of finding and developing new products, and then at the challenge of managing them successfully over their life cycles. Innovation and New-Product Development: Given the rapid changes in taste, technology and competition, a company cannot rely solely on its existing products to sustain growth or to maintain  profitability. The firm can hope to maintain market and profit performance only by continuous product innovation. Product innovation encompasses a variety of product development activities product improvement, development of entirely new ones, and extensions that increase the range or number of lines of product the firm can offer. Product innovations are not to be confused with inventions. The latter are a new technology or product which may or may not deliver benefits to customers. An innovation is defined as an idea, product or piece of technology that has been developed and marketed to customers who perceive it as novel or new. We may call it a process of identifying, creating and delivering new-product values or benefits that were not offered before in the marketplace. In this chapter we look specifically at new products as opposed to value creation through marketing actions (such as product/brand repositioning, segmentation of current markets). We also need to distinguish between obtaining new products through acquisition by buying a whole company, a patent or a licence to produce someone elses product and through new-product development in the companys own research and development department. As the costs of developing and introducing major new products have climbed, many large companies have decided to acquire existing brands rather than to create new ones. Other firms have saved money by copying competitors brands or by reviving old brands. These routes can contribute to a firms growth and have both advantages and limitations. In this chapter, we are mainly concerned with how businesses create and market new products. By new products we mean original products, product improvements, pnxhict modifications and new brands that the firm develops through its own research and development efforts. Risks and Returns Jri Innovation Innovation can be very risky for a number of reasons: 1. New-product development is an expensive affair it cost Tate Lyle around  £150 million to develop a new sugar substitute; pharmaceutical firms spend an average of . £100-50 million to develop a new drug; while developing a super-jumbo project could cost billions. 2. New-product development takes time. Although companies can dramatically shorten their development time, in many industries, such as  Pharmaceuticals, biotechnology, aerospace and food, new-product development cycles can be as long as 10-15 years. The uncertainty and unpredictability of market environments further raise the risks of commercialization. Roots had to withdraw Manoplex, a heart drug, less than a year after its launch in the United Kingdom, after a trial on 3,000 patients in the United States and Scandinavia suggested an adverse effect on patient survival. The pharmaeeudeals division lost about  £200 million on the drug, which cost nearly  £100 million to develop over a period of 12 years, and about S20 million was spent on promoting and marketing it. 3. Unexpected delays in development are also a problem. History is littered with grand pioneering engineering projects which have failed to satisfy the original expectations of bankers, investors and politicians. The Seikan rail tunnel, connecting the island of Hokkaido to mainland Japan, was completed 14 years late and billions of pounds over budget; the S10 billion cost of the Channel tunnel, which opened on 6 May ] 994, a year later than originally planned, is more than double the  £4,8 billion forecast in 1987. 4. The new-product success record is not encouraging either. New products continue to fail at a disturbing rate. One recent study estimated that new consumer packaged goods (consisting mostly of line extensions) fail at a rate of 80 per cent. The same high failure rate appears to afflict new financial products and services, such as credit cards, insurance plans and brokerage services. Another study found that about 33 per cent of new industrial products fail at launch. Despite the risks, firms that learn to innovate well become less vulnerable to attacks by new entrants which discover new ways of delivering added values, benefits and solutions to customers problems.

Riordan Manufacturing MRP Evaluation Project Essay -- Information Syst

Overview Scope of the Project Riordan Manufacturing can continue to expand by reducing the inventory cost of raw materials and finished goods. Riordan currently has a legacy MRP Information System (IS) in place, and this project provides an excellent opportunity to upgrade the infrastructure to allow for a more cost-efficient way to track inventory. Goals of the Project Riordan would like to develop or acquire an MRP system that will track and manage raw materials and finished product inventory across all plants to help ensure reduced inventory costs throughout the entire company. Business Objectives The exploratory committee has identified the following as the Business Objectives for this project: • Accurately track and manage raw materials and finished goods • Reduce inventory cost of raw materials and finished goods • Improve MRP infrastructure Measures of Success The following tasks will be performed to measure the success of the project at six (6) months and one (1) year: • An inventory analysis validating the accuracy of tracked inventory • A cost analysis comparing the cost of inventory management to previous reports • Hire an IS analysis firm to analyze the new Riordan MRP system's efficiency Statement of Scope, Objectives, and Constraints Current Needs Riordan Manufacturing needs to reduce the inventory cost of raw materials and finished goods. To reduce these costs, Riordan would like to develop or acquire an MRP system that can accurately track and manage raw materials and finished product inventory across all plants. Objective I am investigating the feasibility of developing or acquiring an MRP/MRPII information system to ensure that Riordan can accurately track and manage raw materials and ... ...w for better tracking of goods, which prevents lost materials. This, in turn, will allow Riordan to reduce the cost of inventory and allow us to gain sales with lower customer prices. The third objective is to improve the MRP infrastructure. Removing the legacy equipment and slow data lines will allow much more inventory to be processed. This will increase productivity throughout all of the plants. Conclusion Riordan Manufacturing will more than recover the expenditures of this IT project within two years of the upgrade. Riordan will experience an increase in sales and a decrease in inventory loss due to accurate and low-cost inventory management. On-going costs will be minimized with an internal IT department handling support and maintenance of the new system. All of the project's objectives have been met, and Riordan's expectations have been fulfilled.

Criminal Justices Ethics Essay

A few months ago, a woman was brutally raped, beaten and left for dead. Since the attack she remains in a coma. This case has risen to national prominence as an example of how today’s youth no longer respects fundamental social values, television and video game violence has desensitized young men to the consequences of crimes such as assault and rape, and as a demonstration of the inability of the police to keep the streets safe for law-abiding citizens. My partner and I work in the criminal justice system as police officers and handle most of the homicide cases in our area. The publicity from this crime has placed our police department under pressure to send someone to trial for this crime immediately. A gang of young men were spotted in the areas where the victim was found assaulting and threatening people that were passing by. Two members of the gang were arrested. The two members are both male and 14 years of age that both have previous records of robbery and assault. Our obligation as police officers is to follow the policy and ethical standards of our police department and the law, which states, minors must be informed of their legal right to have their parents present during the interrogation and to use videotape during important interviews. However, my partner has pushed his ethical obligation aside and interviews both of the minors while deciding not to contact their parents or tape the interrogation. When I confront him about the policy’s that did not take place he tells me not to worry about it that both minors are guilty as sin and we can close the case. His actions are unethical and don’t not follow the policy of prosecuting the guilty, respecting the rights of the accused, and creating a safe community. Ethics is crucial in decisions involving discretion, force, and due process, because criminal justice professionals can be tempted to abuse their powers (Felkins, 1987). I report this to my supervisor only for him to tell me to trust my partner and go to trial. Both suspects are arrested and bound for trial. Bail is denied. I do not feel good about proceeding with this. The organizational culture represented by my supervisor gives the answer to my partners’ behavior. The supervisor plays a large role in defining organizational culture by his actions and leadership. Both my supervisor and my partner have decided to use â€Å"moral relativism† which is the ethical premise â€Å"that decisions about right and wrong are purely personal and subjective and according to it, whatever anyone claims to be morally acceptable is morally acceptable, at least for that person. They have not thought about the consequences of their actions and how they may be beneficial or harmful from the result. In order to do so one must analyze the issues and make judgments by studying the details of the case, identifying the relevant criteria, determining possible course of action, and deciding which action is most ethical. I will choose to detach myself from the case. I cannot afford to lose my job by not following the legal or ethical standards. Laws have penalties when cases are violated and these penalties can be very severe if you violate legal norms. I believe that both my partner and supervisor have violated legal norms as well as ethical standards. References Felkenes, G. (1987). â€Å"Ethics in the Graduate Criminal Justice Curriculum.† Teaching Philosophy 10(1): 23–26. Ruggiero, V. R. (2008). Thinking Critically About Ethical Issues (Seventh ed.). New York, NY, USA: McGraw-Hill.

Police Discretion Essay - 2798 Words

Police Discretion April 20th , 2008 One aspect of the criminal justice system that has been debated for many years is that of police discretion. Police discretion is defined as the ability of a police officer, a prosecutor, a judge, and a jury to exercise a degree of personal decision making in deciding who is going to be charged or punished for a crime and how they are going to be punished. This basically is saying that there are situations when these law enforcement officers have to use their own personal beliefs and make choices coming from their own morals and ethics. The subject of police discretion was discovered in 1956 by the American Bar Foundation and has been an important problem in criminal justice since that time. When it†¦show more content†¦You should be able to know from experience and what you have learned so far to make the correct decisions in situations. The fourth form of discretion is discretion as liberty. This states that Discretion is not where the law ends, nor is it the same as intel lectually deriving principles from rules. Its about permission to act as a free and equal agent, and using that permission in extending the rights and duties of office (under color of law) toward a vision of liberty, inalienable rights, and the kinds of things that no majority, rule, or principle can ever take away (Kleinig 1996). This form appeals more to the rights of people and to being free. This form is trying to say to make decisions keeping in mind that you are a free person and that you are equal to every other human being. The fifth and final form is discretion as license. This form states that Discretion is the opposite of standard expectations. Its the privilege to go against the rules, disobey your superiors, be less than optimal or perfect all the time, all without degenerating the rules or eroding the trust between you, your superiors, or the public. License (not licentiousness) involves a sense of accountability that does not have to be formally recognized or structur al (Kleinig 1996). This form is one that I think is the most confusing for some people but is one that has truth to it. It’s basically stating that police have the privilege to goShow MoreRelatedPolice Discretion1244 Words   |  5 Pagesï » ¿ Police Discretion Jocelyn Golphin University of the District of Columbia Criminal Justice System 2/21/2014 Golphin 2 Police discretion is a very important approach in matters concerning criminal justice. There has been a consistent problem between enforcing the law and the spirit of the law. Discretion in the broader sense can be defined as the individual’s ability to make a decision basing on the principle of courses of the action. During trainingRead MorePolice Discretion1050 Words   |  5 PagesPolice Discretion Police discretion is the ability to choose a course of action because of broad limits of power. It refers to the autonomy an officer has in choosing an appropriate course of action (The Police In America, 113). It includes authority to decide which of the various means of helping the helpless, maintaining order, and keeping the peace are best suited to particular circumstances (www.worldandi.com/specialreport/1989/january/Sa15878.htm). The police need to have discretionRead MorePolice Discretion1548 Words   |  7 PagesPolice Discretion David Gonzalez University of Phoenix Introduction to Policing CJA/370 Professor John W. Feltgen June 23, 2005 Abstract In this paper I will discuss police discretion and the use of these discretionary powers in the law enforcement workplace. I will explore the mythical aspects of police discretionary powers and the source of this myth. I will further discuss the control of discretionary authority. I will name instances of law enforcement officials using their discretionary powersRead MorePolice Abuse Of Discretion And Discretion2015 Words   |  9 Pages Police Abuse of Discretion William Powell Jr. American Military University Professor Robert Arruda CMRJ303 Criminology January 17, 2014 Abstract Utilizing the research from several sources and personal experience, this paper will discuss police abuse of discretion. The paper will begin by defining discretion. The paper will examine several types of discretion variables. The paper will discuss its use in the field and office settings. The paper will discussRead MorePolice Discretion1418 Words   |  6 PagesPolice discretion by definition is the power to make decisions of policy and practice. Police have the choice to enforce certain laws and how they will be enforced. Some law is always or almost always enforced, some is never or almost never enforced, and some is sometimes enforced and sometimes not (Davis, p.1). Similarly with discretion is that the law may not cover every situation a police officer encounters, so they must use their discretion wisely. Until 1956, people thought of police discretionRead MoreDefinition Of Discretion And Police Discretion2054 Words   |  9 PagesThe term discretion has several meanings the liberty to decide what should be done in a specific circumstance is one general universal definition. But when dealing with criminal justice and police work the description changes a bit. The criminal justice definition of discretion is Police discretion discusses the authority given to a police officer that allows him or her to decide how to best handle a certain situation. This is designed at increasing the flexibility of the criminal justice systemRead MorePolice Discretion2131 Words   |  9 PagesDiscretion is defined as the authority to make a decision between two or more choices (Pollock, 2010). More specifically, it is defined as â€Å"the capacity to identify and to document criminal and noncriminal events† (Boivin ump; Cordeau, 2011). Every police officer has a great deal of discretion concerning when to use their authority, power, persuasion, or force. Depending on how an officer sees their duty to society will determine an officer’s discretion. Discre tion leads to selective enforcementRead MorePolice Discretion2677 Words   |  11 PagesFrom a criminological perspective discretion can be defined as the authority granted by law to agencies and officials to act on their own considered judgement and conscience in certain situations; and each area of the legal system (judges, parliament and law enforcement) has its own discretion. Police discretion is the ability granted by the legal system to police offices, in certain situations, to act in a manner that allows authorities to make responsible decisions and individual choices or judgmentsRead MoreEssay on Police Discretion1425 Words   |  6 PagesPolice Discretion Discretion, uncertainly, and inefficiently are rampant and essential in criminal justice. Nobody expects perfection. That would neither be good nor fair. Justice is a sporting event in which playing fair is more important than winning. Law enactment, enforcement, and administration all involve trading off the possibility of perfect outcomes for security against the worst outcomes. Policing is the most visible part of this: employees on the bottom have more discretion thanRead MoreDisadvantages Of Police Discretion835 Words   |  4 PagesAssignment 2 Discretion can be defined as the availability of choice of options or actions. We all use discretion each and every day with all the decisions we make in our day to day lives. With that being said police also use discretion but theirs have the ability to change people’s lives on the daily basis. They have to make those decisions each and every day not knowing how it will affect the person’s life. Discretion is something that is a very necessary part of police work. One of the reason