Approaches to Service Lifecycle Management
Scientific Proceedings of Vanadzor State University Humanitarian and Social Sciences (ISSN 2738-2915)
2024 vol 2
Approaches to Service Lifecycle Management
Hasmik Sayadyan
Summary
Key words: service, lifecycle, sequence of stages, strategy, planning, management policy, value system, customers
As the world experience shows, the leading positions in competitive conditions are occupied by those organizations that more competently manage the cyclical stages, and are better versed in the methods of its implementation. The common goal of different management methods is to ensure efficiency. Today, more than ever, the ultimate goal for companies should be to create value. This problem is solved by the value-based management (VBM), which is based on the belief that the company should implement only those activities that create value for their stakeholders. The application of the customer relationship management system, CRM (customer relationship management), allows the organization to predict the customer’s behavior at a certain stage of the cycle and develop the specific strategies. Any service providing company, in the course of its activity, based on the situation, should conduct a correct approach to cycle management, with the aim of ensuring not only material, but also social benefit. Product life cycle management helps companies develop, create competitive advantages, innovative products or services, and find new promotion methods. The choice of a product life cycle model will affect the adaptation of a business to changing market conditions and, accordingly, competitiveness.