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ajm73 replied to the topic Product Life Cycle in the forum Introduction to Project Management 6 years, 2 months ago
I agree with this point, I think that at some point, there will be a decline in a certain product: it is only a matter of time of when that is. When something replaces the product in having better use and effectiveness, the prior product will fade to usher in the reign of the new one. Taking the suture market itself as others have, there are so many examples of this. Sutures made of animal intestines used to be what every surgeon used for their surgeries in early development of sutures. Then there came the development of synthetic sutures which has been rapidly replacing the amount of surgeons using gut sutures (most of the remnant that use gut sutures are people who just use it because they are used to them). Coming into the market not too long ago have been absorbable sutures (which don’t neccesarily replace as they fill a different need, but replace non ones in that market), and fairly recently have been introduced to sutures that have antibacterial agents in them. These newer sutures keep surgical site infections down more than regular sutures, which would likely lead to these newer ones replacing the old. Almost always, old products are replaced with newer more effective ones. It is just a matter of time.