Product value matrices help firms to focus their efforts

In management theory a gap seems to exist between consumer buying behaviour and the economic life cycles of products. This gap is the subject of this paper using product value matrices (PVMs). Brought together in this paper are some well-known theories dealing with consumer behaviour, buying behaviour and product life cycles (PLCs), in a manner that provides useful information to all firms. Too often it is found that these theories are elegant in isolation, but provide little help in focusing a company's efforts. Consumer behaviour has been researched for many decades, as has product life cycles, but the link between consumer buying behaviour and economic life cycles of products is mystical, with most chief executive officers (CEOs) believing it occurs like magic. The paper initially develops frameworks describing the economic life cycles of products and consumer buying behaviour. The paper then links the frameworks with the product value matrix and illustrates how they can be used in focusing a firm's efforts.