Guest lecture on the topic 'Product Life Cycle Management' was organised for the MBA students. The speaker for the session was Dr. Ajay N. Palkar. Dr. Ajay N. Palkar is currently working as DGM ( Special Defence Projects) with Defence Land Systems India Ltd., since September 2015. Sir has a rich experience of about 26 long years.
The lecture mainly featured on “Product Life Cycle Management ”. Students were informed about the recent innovations in the market like robotics, product design development, recycling, strategic planning and business development.
Students were enlightened about the different stages of life cycle and the need for innovation and re-designing of product with the time and demand of the customers. He explained the topic by citing the example of Colgate toothpaste. In earlier times, the Colgate tube got deflated when the content was removed. At the fag end of the entire content people generally pressed the tube hard and attempted to remove all toothpaste. This did not yield the desired result and significant toothpaste remained stuck in the body of the tube which could not be removed and had to be discarded. Realizing this the company has innovated in the body of the toothpaste and have started using polymer instead of steel.
The concept of Linear Economy (Linear Product Life Cycle) was also discussed. Circular Economy, as adopted by Mahindra by recycling and reusing the scrap to obtain raw material was explained. Students were also given a brief view of oceans of the market world: the Red Ocean and the Blue Ocean. Red Ocean means marketplace consist of all the industries which are in existence today. Blue Ocean represents the unknown marketplace. Blue Ocean Strategy challenges everything about strategic success and provides a systematic approach to making the competition irrelevant.