Abstract for: Planning via System Dynamics Models; Strategy Dynamics of Market Evolution

Realizing the importance of developing an integrated approach for effective Product Life Cycle (PLC) Management this paper examines the use of the system dynamics approach to capture the market evolution structure. After going through a review on Product Life Cycle Management and the System Dynamics approach a holistic model of market evolution is developed involving the most important components of the business environment problem situation such as the buying process, PLC characteristics, Customer Satisfaction and plausible Marketing Strategies. The model is further assessed on a number of dimensions such as its ability to emulate the evolution of the product through the stages of the PLC, and the ability of the model to provide valuable information for formulating effective strategies.