ABSTRACT
There are two paramount reasons to get involved with existing and new products:
1. Existing products become obsolete with dazzling speed. That is, the product life cycles spanning introduction to decline become progressively shorter as the rate of new product development increases and new technology emerges. Also, there are the far-ranging effects of flexible manufacturing techniques and computer-aided product design that also accelerate the product development process. Then, there is the external situation where product sales dry up as competitors attempt to outperform your offerings with new packaging, product refinements, new features, or value-added services such as extra warranties or after-sale services.
