What Is the Product Life Cycle? 4 Stages + How to Manage Them
Learn about the product life cycle, key tools and successful management solutions.
January 21, 2025
Article
This course is part of Customer Centricity with Professor Jagdish Sheth Specialization
Instructor: Jagdish Sheth
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(18 reviews)
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Beginner level
At least two to three years of work experience and no graduate degree is recommended.
(18 reviews)
Recommended experience
Beginner level
At least two to three years of work experience and no graduate degree is recommended.
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With growing age, income, and ethnic diversity, customer expectations are also becoming more diverse. Therefore, it is becoming difficult to satisfy all customers with growing but divergent expectations. This course, taught by Professor Jagdish Sheth, 2020 Padma Bhushan Award winner for Literature and Education, suggests shaping customer expectations is as, if not more, important than exceeding customer expectations. There are three strategies to manage customer expectations: abandon the customer, accommodate the customer, and adjust customer expectations. Since not all customers are profitable, one must link managing customer expectations with profitability outcomes.
Customer expectations are increasingly divergent. Therefore, companies must learn how to manage diverging expectations in addition to exceeding customer expectations. We are very selective with recruiting employees and we need to similarly be selective when choosing customers. Customer selectivity is very key for managing customer expectations and we need to learn to “fire” customers. For instance, airlines have banned unruly customers.
21 videos4 readings2 assignments3 discussion prompts
This module suggests how human resource practices and employee selection and retention can be an effective analog for customer selection and customer retention. Employee selectivity, career development, promotion, and retirement are useful to apply to customer selectivity, customer lifetime value, customer promotion, and customer retirement.
21 videos1 reading2 assignments1 peer review
Kennesaw State is a Carnegie-designated doctoral research institution (R2), placing it among an elite group of only 6 percent of U.S. colleges. A leader in innovative teaching and learning, KSU is making an impact across the region, the nation and around the world. As the third largest university in the state of Georgia, Kennesaw State has nearly 45,000 students enrolled in over 180 undergraduate, master’s, doctoral degree and certificate programs.
Kennesaw State University
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Kennesaw State University
Specialization
University of Pennsylvania
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Kennesaw State University
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Reviewed on Aug 20, 2023
One of the most tasking courses I have ever taken. Mind-blowing. An eye-opener. A must for all to understand people and markets!!!
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