Fundamentals of Management, 8th ed



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management english

overall cost

leadership strategy

A strategy in which

an organization

attempts to gain a

competitive

advantage by

reducing its costs

below the costs of

competing firms

focus strategy

A strategy in which

an organization

concentrates on a

specific regional

market, product line,

or group of buyers

product life cycle

A model that

portrays how sales

volume for products

changes over the life

of products



Chapter 3: Planning and Strategic Management

7 5

Copyright 2016 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).

Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.



over time. As Figure 3.3 shows, the cycle begins when a new product or technology is

first introduced. In this introduction stage, demand may be very high and sometimes

outpaces the firm’s ability to supply the product. At this stage, managers need to

focus their efforts on “getting product out the door” without sacrificing quality. Man-

aging growth by hiring new employees and managing inventories and cash flow are

also concerns during this stage.

During the growth stage, more firms begin producing the product, and sales continue

to grow. Important management issues include ensuring quality and delivery and begin-

ning to differentiate an organization’s product from competitors’ products. Entry into

the industry during the growth stage may threaten an organization’s competitive advan-

tage; thus, strategies to slow the entry of competitors are important.

After a period of growth, products enter a third phase. During this maturity stage,

overall demand growth for a product begins to slow down, and the number of new

firms producing the product begins to decline. The number of established firms

producing the product may also begin to decline. This period of maturity is essential

if an organization is going to survive in the long run. Product differentiation concerns

are still important during this stage, but keeping costs low and beginning the search for

new products or services are also important strategic considerations.

In the decline stage, demand for the product or technology decreases, the number of

organizations producing the product drops, and total sales drop. Demand often

declines because all those who were interested in purchasing a particular product

have already done so. Organizations that fail to anticipate the decline stage in earlier

stages of the life cycle may go out of business. Those that differentiate their product,

keep their costs low, or develop new products or services may do well during this

stage.


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