Innovative Recommendations for Life Cycle At any given time products are experiencing life cycle phases working toward the decline, companies attempt to prolong the length through innovative strategies. Innovation is necessary in creating customer value and allows product differentiation or competitive advantage. S & N’s vast array of products equals the company experiencing phases simultaneously the company must know where each product stands. Three types of innovation include transformational, substantial, or incremental, depending on type will depend on the lengthening of life cycle.
Companies have a responsibility to promote life cycle through innovation in appropriate but ingenious ways to ensure the ongoing financial success. A culture from within is essential and starts with a plan by management showing and teaching departments their pieces of the objective. Encourage employees to provide ideas through various forms of communication and managers are responsible for handling suggestions in a timely manner. S & N employs a diverse group with various educational and cultural backgrounds that could come up with the next groundbreaking idea.
Other innovative suggestions for prolonging life cycle include responding appropriately to current phase. As a product comes online S & N must establish branding through advertising and marketing tactics, such as free samples for participating physicians. S & N may benefit if new medications were more accessible over-the-counter to patients with a free sample or guarantee included. As the products reach maturity the company must attempt to reach-out to other markets to solve current dilemmas. For example S & N should attempt to solve the mystery regarding why Viagra’s markets below expectation, especially compared to estimated need.
When the product comes toward the end of the life cycle product improvement strategies help prolong the product line. S&N could attempt