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Article: Product life cycle, and market entry and exit decisions under uncertainty.
- Article from:
- IIE Transactions
- Article date:
- September 1, 2001
- Author:
CopyrightCOPYRIGHT 2001 Institute of Industrial Engineers, Inc. (IIE). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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JOHN LIU [*]
A key characteristic of the Product Life Cycle (PLC) is the depletion of the product's market potential due to technological obsolescence. Based on this concept, we develop a stochastic model for evaluating market entry and exit decisions during the PLC under uncertainty. The model explicitly shows the conditions for the optimality of a two-threshold policy based on the estimated earnings potential of the product, and can be used by manufacturing firms to assess entry and exit decisions under such conditions. To aid the applications of the model in actual decision situations, we also provide the procedures for computing the exact and approximate ...
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