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Product life-cycle theory. The Product Life Cycle Theory is an economic theory that was developed by Raymond Vernon in response to the failure of the Heckscher–Ohlin model to explain the observed pattern of international trade. The theory suggests that early in a product's life-cycle all the parts and labor associated with that product come ...
In industry, product lifecycle management ( PLM) is the process of managing the entire lifecycle of a product from its inception through the engineering, design and manufacture, as well as the service and disposal of manufactured products. [ 1][ 2] PLM integrates people, data, processes, and business systems and provides a product information ...
Software development. The V-model is a graphical representation of a systems development lifecycle. It is used to produce rigorous development lifecycle models and project management models. The V-model falls into three broad categories, the German V-Modell, a general testing model, and the US government standard. [ 2]
Failure mode and effects analysis ( FMEA; often written with "failure modes" in plural) is the process of reviewing as many components, assemblies, and subsystems as possible to identify potential failure modes in a system and their causes and effects. For each component, the failure modes and their resulting effects on the rest of the system ...
The Business Model Canvas is a strategic management template used for developing new business models and documenting existing ones. [2] [3] It offers a visual chart with elements describing a firm's or product's value proposition, [4] infrastructure, customers, and finances, [1] assisting businesses to align their activities by illustrating potential trade-offs.
Life-cycle assessment. Illustration of the general phases of a life cycle assessment, as described by ISO 14040. Life cycle assessment ( LCA ), also known as life cycle analysis, is a methodology for assessing environmental impacts associated with all the stages of the life cycle of a commercial product, process, or service.
Product planning. Product planning (or product discovery) is the ongoing process of identifying and articulating market requirements that define a product's feature set. [1] It serves as the basis for decision-making about price, distribution and promotion. Product planning is also the means by which companies and businesses can respond to long ...
Product life-cycle management (marketing) A model for the product sales lifecycle, with the assumption of four major phases: introduction, growth, maturity, and decline. Curve of sales as a function of the time of the product on the market. After a plateau in sales at product maturity, a steep decline can follow.