Chapter 8- Marketing

And as related to the PLC: Style Fad Fashion

The PLC concept also can be applied to what are known as styles, fashions, and fads. This figure shows their special life cycles. A style is a basic and distinctive mode of expression. For example, styles appear in homes (colonial, ranch, transitional), clothing (formal, casual), and art (realist, surrealist, abstract). A style may last for generations, passing in and out of vogue. A style has a cycle showing several periods of renewed interest. A fashion is a currently accepted or popular style in a given field. For example, the more formal "business attire" look of corporate dress of the 1980s and 1990s gave way to the "business casual" look of the 2000s and 2010s. Fashions tend to grow slowly, remain popular for a while, and then decline slowly. Fads are temporary periods of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity. A fad may be part of an otherwise normal life cycle. Or the fad may comprise a brand's or product's entire life cycle. Pet Rocks are a classic example.

Crowdsourcing

invites broad communities of people—customers, employees, independent scientists and researchers, and even the public at large—into the innovation process.