Importance of patterns for managing companies, study of the product life cycle

Type :

Term papers

Pages :

9 pages

Format :

.doc

Published date :

05/12/2009

Category :

Business & market

Sub category :

Business strategy

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Summary :

Introduction
The use of models in strategic management
1. Definition of a model
2. What is strategic management?
3. Challenge for senior executives
4. Influence of models for senior executive's decision-making
Description of the Product Life Cycle
Evaluation of the Product Life Cycle
1. Strengths
2. Weaknesses and limitations
Conclusion
Appendix
References

Abstract

The best way to manage a company is to be competitive. The competition is growing due to the globalization, which has caused the arrival of so many new emerging markets such as China.

This is why companies are looking for an efficient management for both staff and marketing mix in order to be successful. It also involves that marketing managers need to understand how markets develop over time according to social and political changes as well as technological trends in order better to plan and to manage products, their lifecycles and their marketing strategies.

Three components are involved in market evolution: The way in which customers adopt new products, the evolution and acceptance of technology and, finally, the impact of competition. Consequently, it appears very useful to explain what I mean by the word "strategic" even if everyone can give his own definition.

In my opinion, strategy is a plan of action which is made in order to achieve a specific goal in the long term without to forget to take in consideration the environment of the company and to know exactly what are the resources that you have at your disposal.

Despite markets keep evaluating, senior executives still make use of different famous pattern which are very important for their decision-making and to drive a company with success.