There are four stages in the product life cycle: Introduction, Growth, Maturity, and Decline. As a product or service evolves over its life cycle, so does its business strategies.
Feit Consulting’s recent report, Path to Commoditization, depicts how Lexis and Westlaw have progressed through their respective life cycles and the corresponding impact on pricing strategies. It examines the various strategies and tactics deployed by the vendors at each different stage.
The charts above illustrate Feit Consulting’s respective representations of Lexis and Westlaw, in relation to the timeline of their product life cycles since 1990.
Michael Feit earned his J.D. from the Loyola University School of Law in Chicago and was an executive at Westlaw before founding Feit Consulting 16 years ago. Feit Consulting partners with law firm administrators and legal information professionals to optimize vendor contracts and the management and delivery of legal information resources by providing leading-edge, customized solutions. Contact Michael at firstname.lastname@example.org