Question

Advances in IT have enabled managers to make gigantic leaps in the way they can collect timelier, complete, relevant, and high-quality information and use it in more effective ways. When IT is advancing, organizational survival requires that managers quickly adopt and apply it. One reason for this is how IT affects the length of the product life cycle, which is the way demand for a product changes in a predictable pattern over time. The shorter a product's life cycle because of advancing IT, the more important it is to develop innovative products quickly and continuously. Increasingly, managers are trying to outdo their rivals by being the first to market with a product that incorporates some advance in IT.

This exercise is intended to help you understand not only the product life cycle itself, but also the ways in which information technology affects the length of the stages in the product life cycle.

Instructions: For each scenario, select the appropriate stage in the product cycle.

1. Marley - Is not sure she should buy the new video game system. It looks interesting, but none of her friends own it yet and she is not sure how it works.

(Click to select)
- Embryonic Stage
- Growth Stage
- Maturity Stage
- Decline Stage

Answer 1

Advancements in IT have transformed the way products are developed and managed, favoring innovation and efficiency. These technological shifts have implications for company size, market dynamics, and the socioeconomic landscape. Governments and organizations must adapt strategies to harness and mitigate the extensive reach of IT.

Step-by-step explanation:

The landscape of organizational management and product life cycles has been significantly altered by the rapid advancement of information technology (IT). In the context of a postindustrial economy, information and creative usage of IT have become valuable commodities. The digital era has minimized the need for physical manufacturing, with industries like music and film moving from producing CDs and DVDs to digital streaming and downloads, reducing costs substantially.

Additionally, the evolution of IT has sparked debate over the future size of firms. Upgraded communication technologies could result in either fragmented markets with numerous small entities or winner-take-all situations dominated by large firms. Developments in IT also encourage continuous innovation as a competitive advantage for firms, with a focus on being first to market with tech advancements.

On the societal front, while IT has led to job displacement, it has also generated new opportunities and can be strategically harnessed through government innovation policies. Overall, the IT field's growth underlines the necessity for diverse talent, calling for initiatives to increase inclusion such as reaching out to women in IT starting from education to professional employment.