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The Product Life Cycle Theory is an economic theory that was developed by Raymond Vernon in response to the failure of the Heckscher–Ohlin model to explain the observed pattern of international trade. The theory suggests that early in a product's life-cycle all the parts and labor associated with that product come from the area where it was ...
Vernon was born Raymond Visotsky in New York; his parents were Russian Jewish immigrants and he and his siblings changed their family name to Vernon. [1] He earned a B.A. cum laude from the City College of New York in 1933 and a Ph.D. in economics from Columbia University in 1941; [2] all three of his siblings also earned doctorates.
The theory originates from the work of Raymond Vernon, who described the development of international trade in terms of product life-cycle – a period of time during which the product circulates in the market. Vernon stated that some countries specialize in the production and export of technologically new products, while others specialize in ...
The key for the theory is the rate of diffusion of technology. Moving on to 1966, Vernon further extended the technology gap model into the product life-cycle theory. [2] The degree of maturity of the technology became the new key of the dynamic economic trade. Vernon's theory resonances with the technology gap theory.
Life-cycle assessment (LCA or life cycle analysis) is a technique used to assess potential environmental impacts of a product at different stages of its life. This technique takes a "cradle-to-grave" or a "cradle-to-cradle" approach and looks at environmental impacts that occur throughout the lifetime of a product from raw material extraction, manufacturing and processing, distribution, use ...
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While the life cycle hypothesis predicts the income and the consumption patterns of the elderly population, a series of research papers published in the 2000s highlighted the role of other factors in making the elderly class of people among the income-poor alone, and not people who are both income and consumption-poor.
The retail life cycle theory holds that retail institutions experience the cycle of innovation, growth, maturity and decline, like goods and services that they sell, similar to that of the product life cycle. The market traits and strategies which are taken by retail institutions should differ in variable stages of retail life cycle.