Extending the Product Life Cycle

The product life cycle is linked to other life cycles – the market life cycle; the technology life cycle and the industry life cycle. It is therefore possible to extend the product lifecyle through improvements, new features or technologies, before introducing a completely new product. The car industry provides some good examples of this, Ford remodel and made major cosmetic changes to their Cortina model sold in the UK market from the 1960s until the early 1980s. However the industry had globalised and to be competitive production had to be rationalised – this gave rise to the Mondeo. This incorporated a new power train floor pan and adopted modern production methods no possible with the older model.

However when the underpinning technology changes then the technological life cycle ends and the industries and markets that serve it will also decline. So one day the car industry will go the way of the horse and carriage and a new technology will replace it, already hydrogen fuel cells are being developed to replace fossil fuels, virtual working supported by ICT is reducing the need for travel, who knows what the future will bring.

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