Respond to the following peer discussion

Hello Dr. O’Neal an Classmates There are five stages in the life cycle analysis for a product. Theses stages are 1) introduction 2) development 3) growth 4) maturity and 5) decline. According to research some consider there to be 6 stages of this life cycle, which is called the withdrawal stage (Suttle,2018 ). This 6th stage is actually termination from the market. As noted the product sale will increase, however it will grow at a slower pace (maturity stage ). At some point lower prices might be implemented to keep in line with the competition. Once this takes place, sales for the product will start to decrease, and customers will not pay top dollar for the product. It is at this point that an administrator should decide on whether to terminate a product during the life cycle analysis ( Suttle, 2018 ). “ It can be tempting to leave a declining product on the market- especially if it served the company well in its time. This existence can absorb managers’ time and energy, and can discourage or delay the development of a new, and a more profitable replacement product “(MindTools, 2018.pg.5). An example is when I walked into a Beauty Salon Store, in which I have been patronizing for several years. A particular hair product was selling at the price of $69.99, recently the price was dropped down to $29.99 for at least 6 months. Today upon visiting the store, I was told the product was terminated from the shelf. There are a few actions an administrator should review consistently to alleviate over budgeting for operating and maintenance costs of a capital project. The actions of any administrator should always entail 1. Effectiveness, and 2. Efficiency. “ Effectiveness is doing the right things. While efficiency is doing things right “( Mowrey,2016 ). For effectiveness and efficiency to both work an administrator should integrate planning all budgets process and procedures along with the developmental operating tactics ( Mowrey,2016 pg.4). Another action an administrator should review consistently to alleviate over budgeting of capital projects involves the investment approach. Administrators will be able to consider alternatives or substitutes that will have the same goals of the capital project ( Mowrey,2016.pg.5 ).ReferencesMindTools,2018. The Product Life Cycle. Retrieved from https://www.mindtools.comMowrey, Richard,2016. Volume 1 : Capital Budgeting- A Recurring Management Opportunity. Retrieved from www.mergermentor.comSuttle, Rick,2018. Product Life Cycle Analysis and Price Strategies. Retrieved from www.smallbusiness.chro.com

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