8 ), 24 – 26 B u s i n e s s F i n a n c e
Professor and Class,
I choose hand tooling as a product. Hand tolling, in this post, refers to wrenches, ratchets, screwdriver sets and any other tools used by basic mechanics or maintenance personnel. I feel tooling is constantly coming out with a new and improved version of itself. This is a useful sales tactic, especially when new tooling does essentially the same task as old tooling. I realized a few years ago that tooling will be needed for many years to come. The end of tooling is no where in sight. I have many maintenance technicians in my department and most of the older generation use tooling from an older generation. Whereas the younger generation, they all have the latest and greatest. I don’t really see and advantage to newer tooling over older tooling. It has the same function and no time savings. While doing some research on the Life cycle process I found an article that questions where the internet is in the product life cycle. The article explains that in opinion, it is in the maturing stage. I realized from the article that tooling, like the internet, is very debatable when it comes to where it is in the life cycle process.
Yoo, C. S. (2010). Economic and Business Dimensions: Is the Internet a Maturing Market? Communications of the ACM, 53(8), 24–26. https://doi.org/10.1145/1787234.1787243
The Saxena (2020) website refers to the product life cycle as to something that happens in life, at least that is how I perceived it, a product comes to life, it gets to a position of selling and at one point or another it loses power and disappears. When analyzing this metaphor, it does make sense and I can relate to many thing that we use in a daily basis that at one point they are the top of the line products and after a period of time they start getting replace by other products. I research about the iPhone life cycle because it is very interesting to see how this device came in the market and have stayed for all this time, renewing and transforming to have “new” products year after year. Saxena (2020),” In the Introduction Stage of the Product Life Cycle of Apple iPhone, the price is kept high to maintain the exclusivity of ownership”. In this case I understand that iPhone has a particularity that other devices don’t have, they are unique to each of the models of phones on the market at the most updated time, in the case of an older version, the life cycle could be in a decline stage, but for a most recent version it could be on a maturity stage.
Saxena, D. (2020). Super Heuristics Marketing Blog. https://