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International Journal Life Cycle Assessment

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Question:

Discuss About The International Journal Life Cycle Assessment?

 

Answer:

Introducation

According to Gmelin and Seuring (2014) product, life-cycle can be specified as a succession of strategies applied by the management as the product goes through its life-cycle. The operating scenario is believed to be more complicated due to increase in no. of customer and an extensive interactive network of suppliers. As per the theorist, the solution for the specified issue is the development of considerable interaction between Product Development Process (PDP) and Product Introduction Process (PIP). Further; appropriate factory approach considers the opportunity to stop compromising with each element of the production system so that appropriate quality of the product can be attained. The main objective of short product lifecycle management (PLM) is to decrease the time consumed in activities such as enhancing the quality of the product, ascertainment of availability of potential sales opportunities and revenue offerings etc. It is necessary to access the prospect of customer, market and competitors of the product in order to attain success regarding the newly launched product. (Mancini, 2015)

For the creation of successful new products, the business is required to understand their customers, markets and competitors. As per Sonnemann and et al. (2015), Product Lifecycle Management (PLM) put together three main variants, i.e. data, people, the procedure relating to business systems.  The same provides the information relating to the product to companies as well as extended supply chain enterprise. It has been noted by ------ daily lives of the consumer are related to a variety of small life-cycle Made-To-Stock products.  These kinds of products are usually purchased on the visit to the supermarket for example; household goods; jewellery garments etc. The life-cycle of these products is usually three to six months, and due to same reason, they are categorized as high demand volatility products (Subrahmanian Lee and Granger, 2015). Fisher specifies such products as innovative products and has asserted that management of supply chain activities of these products is more complex as supply chain relating to these product required being more responsive.

 


The concept of PLM is considered to assess the entire vision of effectively managing and making connections with information relating process and production data which required to be designed along with supporting and maintaining till ultimate disposal of manufactured goods. In order to reduce the inventory period and increase the profit of organization, PLM is applying business solutions in a consistent manner in order to provide assistance in collaborative creation, dissemination, business system and information (Arnett, Sandvik and Sandvik, 2018). According to the words of Rushton, Croucher and Baker (2014), in case the span life of a product is short, difficulties relating to continuing negotiations and procurement, decreasing unit cost of acquisition coming to huge business volume is to be faced by the organization. The retailer faces the economic loss either due to short supply or excess supply, and the same depends on the performance of product and forecast of the retailer.  It is necessary that internal and external supply chains should be coordinated in an appropriate manner to attain the pre-determined goals relating to the product.

 

Analysis

 In order to attain the advantage relating to economies of scale; it is necessary that vendors and transporters use quantity discounts in order to attract firms to purchase their product in bulk quantities to influence the firms to order in larger quantities. Even the delivery windows are applied by the organization in order to attain and transport short life cycle products. It has become a necessity for the organization to plan the most appropriate procurement and transportation plan during the product life cycle in order to make the product successful. However, as per the words of Zhou (2017), enhanced recognition can be asserted by practitioners and researchers to assess the end season through analyzing the sales pattern of the product.

Cantamessa and Valentini designed a "deterministic" mathematical model for taking an appropriate decision relating to the production plan for new product ascertaining the benefits through the application of reactive backorder and lost sales strategies. It is not easy to forecast or estimate the demand for the new product as it is highly unpredictable at the time of its launch. But, assessment of demand for the new product is quite predictable. However, the demand for the new product is highly uncertain and unpredictable at its launch; but, it becomes more predictable after analyzing an early demand pattern (Raman). According to the views of Slack (2015), quick response research strategy can be applied to assessed information relating to demand and sophisticated sourcing options can be suggested through same. The prior analysis relating to the demand for product ascertains the quantities which will be ordered.

One more variant which is considered which making the order, i.e. unit product cost unit transportation does not include variant with the change in ordered quantity (Zurich, 2017). As the rate of retail shelf space has been growing in an enhanced manner; it has become necessary to ascertain optimum delivery schedule for procured products. It is one of the main issues faced by organization producing products having a short lifespan.

Matching supply chain strategies can be applied to the organization producing innovative (a product having short term life), as these required responsive supply chain for cooperating with demand uncertainty and short product life cycle. It can be assessed from above figure that only two kinds of the product have vided variety of spectrum along with varying degrees of functional and fashionable characteristics.

 


By considering overall trend; short product life cycle is in its growth stage. This is the stage in which sales of the product increase with enhancing rate. The reason behind same is that early adopters continue to buy the products and at a later stage, buyers continue to follow the lead. This stage plays a significant role in achieving success as well as covering the major amount of investment relating to the product. In order to attain growth stage, it is necessary that organizations are launching a new product to assess the marketing in an appropriate manner so that the product is in accordance with the choice of the customer. As cost relating to promotion is spread over a large volume, and unit cost of the product decreases due to enhanced production; high profits are earned during the growth stage. Just in Time Purchase strategy can be applied by the organization to fulfil the demand and at the same time cost of the product is also manageable; thus organization attains both the advantages through the application of this strategy. This will also assist in minimizing inventory, and same will result in overall cost reduction for business.

As per the views of Gmelin and Seuring (2014), the rise in demand for a product leads to increase in competitors and new entrants. Thus, it results in the introduction of new features as well as expand existing market. It is necessary to consider this issues which making Product Development Process in order to make the organization ready for facing these issues.

 

Action plan

It is necessary to develop an appropriate action plan in order to attain predetermined goals. Another main variant which is to be assessed that all phases from the initial stage of research analysis to customer feedback should be considered while developing an action plan. An appropriate action plan for short-term product manufacturing organization has been specified below:

Activity

Description

Activity to be conducted by

Time Period

Research and analysis of market

For a new product having a life cycle, it is necessary that analysis of market should be done on the prior basis to ascertain the demand of the product and the choice of the customer to assess the qualities which customer is seeking in the product.

CEO and Marketing Executive of organization

Six to Eight Months

Assessment of cost of product

It is necessary to assess the cost of the product in an appropriate manner; because in case the new entrant provides the product at a higher price than it becomes difficult to attract the customers. Thus existing price at which product is being sold at the market and the quality provided at that price is required to be assessed in an appropriate manner.

 

Accounts Department

Every half year

Analysis of competitors

According to the opinion of Sonnemann (2015), to make own stable position it is necessary that existing competitors should be assessed in detail. This activity will enhance the chances of availing available opportunities which will ultimately increase the profit of the organization.

Marketing Manager

On continue basis

Determination of selling price

It is important to determine the selling price of the product by various pricing strategies available like cost-plus pricing or on the basis of market-based valuation in which past experience of the company may be used to price the products. Detailed statistics are required to base the pricing of the prices.  However, the final price of the product depends on the customers who will buy the product. Due to large-scale competition, it is wise to keep the prices as per the customers.

Manager

It will be determined once and effort will be made to continue the same.

Feedback from customer

Customer feedback is an important part of the entire action plan as it reflects customer’s opinion and views regarding the product. As per the views of Rushton, Croucher and Baker (2014) these reviews can assist the company in improving performance based on customer expectation and is most important part of product development process.

Sales Executives

On continue basis after appropriate interval

 

References

Arnett, D.B., Sandvik, I.L. and Sandvik, K. 2018. Two paths to organizational effectiveness–Product advantage and life-cycle flexibility. Journal of Business Research. 84, Pp.285-292.

Gmelin, H. and Seuring, S. 2014. Achieving sustainable new product development by integrating product life-cycle management capabilities. International Journal of Production Economics. 154, Pp.166-177.

Mancini, L., Sala, S., Recchioni, M., Benini, L., Goralczyk, M. and Pennington, D. 2015. Potential of life cycle assessment for supporting the management of critical raw materials. The International Journal of Life Cycle Assessment, 20(1), Pp.100-116.

Rushton, A., Croucher, P. and Baker, P. 2014. The handbook of logistics and distribution management: Understanding the supply chain. Kogan Page Publishers.

Slack, N. 2015. Operations strategy. John Wiley & Sons, Ltd.

Sonnemann, G., Gemechu, E.D., Remmen, A., Frydendal, J. and Jensen, A.A. 2015. Life Cycle Management: Implementing Sustainability in Business Practice. In Life Cycle Management (Pp. 7-21). Springer Netherlands.

Subrahmanian, E., Lee, C. and Granger, H. 2015. Managing and supporting product life cycle through engineering change management for a complex product. Research in Engineering Design. 26(3), Pp.189-217.

Zhou, L., Gupta, S.M., Kinoshita, Y. and Yamada, T. 2017. Pricing Decision Models for Remanufactured Short-Life Cycle Technology Products with Generation Consideration. Procedia CIRP. 61, Pp.195-200.

Zurich, L.B.  2017. Service Operations and Management.

James A, Paul C and Denis T. 2003. (Online) The impact of product life cycle on supply chain strategy. Production Economics. Available through <https://www.sciencedirect.com/science/article/pii/S0925527303001051> [Accessed 26th January 2018].

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