Planning for multiple-generation product lines using dynamic variable state models with data input from similar products

We are surrounded by numerous multi-generation product (MGP) lines, ranging from Gillette’s razor products to BMW’s 3series sedans. Due to a rapidly changing and technology-intense market environment, the use of an MGP strategy has become a popular management tool for companies; numerous academic and industrial testaments exist pointing to its success. When using this strategy, a company begins by launching an initial product generation to the market. It then sequentially introduces successive generations over time, each featuring unchanged core functionality but with updated technologies, appearance, or usability. This strategy allows companies to elongate the product lifespan from a single product to a line of products and to best utilize resources and technologies to plan for better products and to increase the chances of long-term market success.