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Product life-cycle theory. The Product Life Cycle Theory is an economic theory that was developed by Raymond Vernon in response to the failure of the Heckscher–Ohlin model to explain the observed pattern of international trade. The theory suggests that early in a product's life-cycle all the parts and labor associated with that product come ...
Raymond Vernon (September 1, 1913 – August 26, 1999) was an American economist. He was a member of the group that developed the Marshall Plan after World War II and later played a role in the development of the International Monetary Fund and the General Agreement on Tariffs and Trade. He was the Clarence Dillon Professor of International ...
Fig.1 The International Product Life Cycle by Raymond Vermon. The development of an explicit technology gap model started with Ponser. The key for the theory is the rate of diffusion of technology. Moving on to 1966, Vernon further extended the technology gap model into the product life-cycle theory. [2]
e. A generic lifecycle of products. In industry, product lifecycle management ( PLM) is the process of managing the entire lifecycle of a product from its inception through the engineering, design and manufacture, as well as the service and disposal of manufactured products. [ 1][ 2] PLM integrates people, data, processes, and business systems ...
As first articulated by Raymond Vernon in 1966, a product goes through a life cycle consisting of four stages: "new product", "growth product", "maturity product" and "obsolescence product". The conditions in which a product is sold change over time and must be managed as it moves through this succession of stages.
Dr. Frenken has reviewed this Wikipedia page, and provided us with the following comments to improve its quality: . The product lifecycle theory is not only a trade theory as it is depicted here, but also a theory in Industrial organization, in particular, with the early writing by Utterback and Abernathy (1975, Omega), Abernathy an Utterback (1978, Technology review) and Gort and Klepper ...
Rogers ' bell curve. The technology adoption lifecycle is a sociological model that describes the adoption or acceptance of a new product or innovation, according to the demographic and psychological characteristics of defined adopter groups. The process of adoption over time is typically illustrated as a classical normal distribution or "bell ...
International product life cycle This theory explains the nature and causes of economic cycles from the viewpoint of life-cycle of marketable goods. [ 55 ] The theory originates from the work of Raymond Vernon , who described the development of international trade in terms of product life-cycle – a period of time during which the product ...