ABSTRACT
The ability to quickly develop new products and services can provide a source of competitive advantage in offering something unique to the market that can then lead to increased market share and/or increased profitability. Innovations may come from either a technology-push approach aligned with a resource-based operations strategy or a market-pull approach associated with a market-based operations strategy. The product life cycle model puts the design process into a strategic context by highlighting how different phases over the life of a product or service can impact both the product design and also process design requirements. In general, the model predicts an emphasis on innovation and customization in product design in the early introductory phase of a product, giving way to standardization and an emphasis on efficient process design at the mature phase of the life cycle.
