Importance of Innovative Product Launching and Product Life Cycle Management in Small Scale Consumer Industries

Perfect launching of a new or upgraded product at right time is a key factor of any successful industry. In today’s competitive market, product life cycle is becoming shorter while industries face pressure from competitors and customers for up gradation of product almost every day. Up gradation of a product as per customer expectation at a competitive price is a real challenge for small scale industries. Product life cycle management is a tool that ensures product success in the market and helps in making strategies for a new or up graded product. Product fit to customer expectation, effective marketing strategies and perfect product cannibalization are the key elements for successful product life cycle management. In this paper, the importance of innovative product development and product life cycle management of a product for successful product cannibalization has been described.

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