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Essay / Research Paper Abstract
A 5 page paper. As demands change, manufacturing plants must change to retain their competitiveness. This paper provides a general introduction to the manufacturing industry. It then discusses the product life cycle and how that cycle changes. The rest of the paper discusses how manufacturing plants need to change in order to hedge against inaccurate forecasts and changing market demands. Examples are included. Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: MM12_PGmfgcg.rtf
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Unformatted sample text from the term paper:
and characteristically use power driven machines and materials handling equipment. Establishments engaged in assembling component parts of manufactured products are also considered manufacturing if the new product is neither a
structure nor other fixed improvement" (Division D. Manufacturing, 2001). The product life cycle affects all manufacturing plants. The product life cycle concept is a model that shows the trends of
unit sales of a specific product from the time it is first placed on the market until it is removed from the market (Rink, Roden and Fox, 1999). It is
sometimes depicted in a bell- or S-shaped curve, divided into several time-oriented stages. The length of any stage and the shape of the overall curve varies from product to product
but most follow some sort of product life cycle curve (Rink, Roden and Fox, 1999). The product life cycle is typically described in four stages: introduction; growth; maturity;
and decline (Rink, Roden and Fox, 1999). The product life cycle does not automatically occur with the passage of time (Rink, Roden and Fox, 1999). Instead, it results
from the interaction of several variables that include external conditions, such as market demand factors, in addition to the companys marketing efforts (Rink, Roden and Fox, 1999). Even when
sales begin leveling off or decreasing, the company still has alternative strategies they can implement to prolong the products sales cycle (Rink, Roden and Fox, 1999). For instance, the company
can add different features, change colors, redesign the product, change the promotional campaign or identify a new target market. Forecasting the market demand, then, is an essential aspect of manufacturing
because it, in effect, forecasts which stage in the product life cycle any given product is at that time. Using the chemical industry as one example, the American Institute of
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