(Product life cycles; team activity) [According to Barry Bayus, a marketing professor, the perception that product life cycles are getting shorter is a mistaken one.] Bayus identified three reasons for the appearance ofshortened product life cycles: 1. New knowledge is being applied faster. The tune between an invention and its first application is decreasing, from 90 years during the 1700s to 20 years from 1901 to 1950. 2. More new products are being introduced. In 1986, for example, the number ofnew- product introductions was just under 13,000. By 1991, the number had increased to more than 15,000. 3. The time between innovations is decreasing.

Communication Activities

[SOURCE: Glenn Rifkin, “The Myth of Short Life Cycles,” Harvard Business Review (July-August 1994), p. 11.]

a. As a team, investigate the reality or myth of shortened product life cycles. Use all resources (library, Internet, personal) at your disposal.

b. Prepare a written report on your findings. Also be ready to present this report orally should your team be asked to do so.

LO1