Social Enterprise Designing Products and Services

Question: Discuss about theSocial Enterprisefor Designing Products and Services. Answer: Product Lifecycle: An Introduction Every product has four stages in its lifecycle namely, introduction, growth, maturity and decline stage. Product lifecycle management model is a model used by companies to introduce their products in the markets. The locations of products on the cycle direct companies like banking and construction to make marketing strategy and also tells them when to introduce new products (Osborne et al., 2014). The paper is a study of the model taking the ADCB as an example showing its strategies in these stages. Introduction: A new product is introduced at this stage into the market. The main concern of the producer at this stage is to gain market penetration through aggressive promotion in order to get consumer base (Ko Chen, 2014). Abu Dhabi Commercial Bank was founded in the year in 1985 as a public limited liability company by merging of Emirates Commercial Bank and Federal Commercial Bank with Khaleej Commercial Bank. The new bank, headquartered in Dubai aimed at serving the customers of its predecessor banks at this stage as it did not have any market of its own ("Personal, Online Business Banking Services UAE - ADCB", 2017). Growth The new product at this stage has a customer base that it serves and aims at expanding it. The companies increases prices for their products and also aim at building a brand image of it. Profits rise more than the introductory phase and the company also increases its promotional activities (Huertas Consolacin, 2009). ADCB sponsored an entrepreneurial event called Emirati entrepreneurs in 2010 to promote business banking products. The bank got enlisted in Abu Dhabi Stock Exchange. It also takes to expansion of its business beyond the borders of UAE and toady has presence in North America, the UK and India. Maturity: Products reach their highest market position at this stage and earn the highest revenue. Products at this stage already enjoy the advantage of their high brand value and concentrate on niche marketing to get deeper market penetration and overseas expansion. The producers decrease the value of their products and also offer discounts to get competitive advantage. A bank at this stage is a famous financial institution and has various verticals and also takes to providing banking services by using the latest technology. ADCB provides personal and business banking and Islamic banking with through mobile and internet banking. Today, the bank has matured and evolved into an international banking brand providing bank services backed by innovation and excellence. Its official website acts a powerful tool to promote its products and provides the stakeholders sand investors with financial data. Decline: A product at this stage cannot attract new customers and losses heavily on revenue. A company usually withdraws such a product and introduces a new product or an upgraded version of the earlier product. A bank at this stage introduces new products and strengthens its digital presence to retain its market. Banks at this stage are also taken over or merged with other banks. Conclusion: It can be summed up that every product has a lifecycle through which it passes. It holds true for all organizations even for international brands like ADCB. References: Huertas Garcia, R., Consolacin Segura, C. M. (2009). A framework for designing new products and services.International journal of market research,51(6), 819-840. Ko, W. C., Chen, L. H. (2014). An approach of new product planning using quality function deployment and fuzzy linear programming model.International Journal of Production Research,52(6), 1728-1743. Osborne, S. P., Radnor, Z., Vidal, I., Kinder, T. (2014). A sustainable business model for public service organizations?. Personal, Online Business Banking Services UAE - ADCB. (2017). Adcb.com. Retrieved 28 January 2017, from https://www.adcb.com/default.asp