Abstract
The development of new technologies and innovation processes lead companies to improve their processes, resulting in new products all the time. Throughout the product life cycle, a firm incurs various costs related to the activities carried out in the pre-production, production and post-production phases. The essence of strategic management tools is to optimize costs throughout the product life cycle, focusing on the different stages. Such tools include target costing, kaizen and life cycle costing
Highlights
The increasing importance of knowledge as an economic driver has major implications for innovation management
The product life cycles theory describes the general development of certain performance indicators of a product over its life time such as the development of turnover, profit rate as well as imports and exports
[9] The product life cycle is significantly curtailed by rapid innovation and development in technology
Summary
The increasing importance of knowledge as an economic driver has major implications for innovation management. The systemic approach to innovation recognizes that innovation and knowledge generation take place as a result of a variety of activities, many of them outside the formal research process. In the current economic context, growth must mainly originate from increasing the productivity of knowledge work, and increasing this productivity is the most important contribution management can make. [15] The complex current managerial dynamics requires, immediate actions to ensure timely decisions in the present, and a process of anticipation that allows to visualize possible scenarios in the future, through the application of methodologies and tools for the analysis of trends that facilitate the forecast of future situations or through the exercise of prospective in the construction of a desirable future. In the current economic context, growth must mainly originate from increasing the productivity of knowledge work, and increasing this productivity is the most important contribution management can make. [15] The complex current managerial dynamics requires, immediate actions to ensure timely decisions in the present, and a process of anticipation that allows to visualize possible scenarios in the future, through the application of methodologies and tools for the analysis of trends that facilitate the forecast of future situations or through the exercise of prospective in the construction of a desirable future. [14]
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