Finite Product Lives - Prince
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With technology always evolving, it is inevitable that technology based products lives may be short lived. Most technology based products are experiencing highly unstable markets with increasingly short product life cycles due to rapid technological innovation and market competition (Aytac & Wu, 2013). With fast changing conditions, technology based products have the challenge of how to keep the competitive advantage.
Companies are always looking into the future when it comes to technology. They are looking for opportunities to introduce new technology, which is why new phones come out once or twice a year. They have to keep up with other products and make their technology is up to par. This leads to short technology life cycles, which are known to follow a general demand life cycle that starts with an initial growth (Aytac & Wu, 2013). For example, cell phone companies are consistently competing with the most up-to-date technology therefore; they are constantly changing the product life of old phones. It seems as soon as I buy a new phone, it becomes out dated quickly and I am behind in technology again. With the demands of the newest phone, it is constantly changing the life cycles of existing ones.
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Solution Summary
The finite product lives prince for evolving technology are examined. The challenges of how to keep the competitive advantages are given.
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I am in agreement that rapid technological innovation is sparked by intense market competition. What is interesting about this is that there is a cycle that is created by the interaction between rapid technological innovation and increasing market competition. What this essentially means is that the greater the market competition the more ...
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