Overall Classification Anytime a company develops a new product or service, it needs to be aware that the product and/or service will not last forever. This is important to recognize in the early stages of development so that a firm can maximize their profits during the product's life cycle. Albeit, no company can accurately predict the duration of a product or service, any product/service progresses through four distinct phases. Each phase is associated …showed first 75 words of 1148 total…

…showed last 75 words of 1148 total…costs in the first two phases of the Product Life Cycle so this will not impact MP3 players until they enter the Maturity phase. . It is important to note that the addition of technology will not change the shape of any marginal product graph, it can, however, increase the height, which in turn could extend the lifetime of the product. Lastly, the NNTC is inversely proportional to the Total Revenue of any product or service.