The product lifecycle is one of the classical models of business and one that has great relevance to marketers and companies everywhere. Previously, it moved along at a measured pace. The result was that marketers everywhere had the luxury of having time to decide on their strategy. Problems in design, communication, advertising, distribution and/or service could be rectified without any adverse fallout because of the time lag between processes in the supply chain and in information dissemination. This was also the period during which Phillip Kotler’s 4P model ruled supreme. However, the rise of the consumer movement in the second half of the 1960s meant that the process focused approach of marketers came under fire. Other factors like technology and process improvements also emerged. Multi disciplinary approaches shed new light on the consumer mindset. The pace of change was relatively slow in the 1960s, the 1970s and, to some extent, even in the 1980s. The rise of new disruptive information technology applications like the Internet paved the way for a radical transformation in the way business was transacted. Swift spread of knowledge and information and the enabling power of these new technologies meant that marketers were faced with empowered consumers and competitors who could duplicate their product at a fraction of their cost. The result was increasing commoditization of their products. This book looks at some of the recent strategies used to avoid commoditization. It focuses on how to achieve differentiation through various parts of the supply chain as well as the product. It also examines some approaches like blue ocean strategies and customer experience management.
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