How Long Is a Product Life Cycle? What Determines Its

question 91

Essay

How long is a product life cycle? What determines its length?

Recognize the educational background and risk profile of typical entrepreneurs.

Understand the concepts of diversity and innovation in enhancing problem-solving within organizations.

Recognize the role and definition of small businesses in the global market.

Identify the advantages small businesses have over large businesses, such as flexibility, higher profit margins, and competitive advantages.

---

Definitions:

Aesthetic

Pertains to the nature of beauty, art, and taste and the creation and appreciation of beauty.

Kano Model

A theory for product development and customer satisfaction developed by Noriaki Kano, which classifies customer preferences into five categories: Must-Be, One-Dimensional, Attractive, Indifferent, and Reverse.

Excitement Factors

Elements or features of a product or service designed to stimulate interest, enthusiasm, or excitement among consumers.

Customer Satisfaction

An assessment of the degree to which a company's products or services exceed or fulfill the anticipations of its customers.