PRODUCT CYCLES - PRODUCT LINE MANAGEMENT
Products become obsolete for many reasons. People change the way they do things and new technologies emerge, or alternative approaches become dominant. Understanding if your product can be rejuvenated or if it is simply end of life and out of date is not easy.
If you are lucky enough to have a successful product, does it need to evolve? Does it need to become more cost competitive? Can you protect yourself from knockoffs? Should you introduce a range of products in a product family?
The automobile is the ultimate example of a product constantly being re-spun through the design cycle. If your product has been around for a while, it might need a rethink.