Using examples for precise illustration, explain how BMW has planned innovation and new product development to manage its technology life cycle, i.e., product life cycle The ways in which BMW has planned innovation, and new product development, to manage their technology life cycle and product life cycle, has been accomplished through consistent innovation. In consideration of the life cycle of BMW, there are many factors taken into account when developing a marketing strategy. Life Cycle Value Assessment (LCVA), or life cycle analysis, is a tool used to determine environmental, economic, and other various determining factors which can influence the entire life cycle of a given product. It also serves to influence important business decisions. The continued growth and success of BMW can be defined by the way in which they focus on culture as a company. According to the article, Innovation: A Strategic HR Imperative, “For example, BMW’s continued success is its strategic focus on developing customer-friendly innovations, coupled with an approach to innovation management that is unique within the automotive industry” (Stanleigh, 2012). BMW sets themselves apart because they prescribe to the philosophy of a company knowing what it stands for, and capitalizing on its strengths; by doing so it can more easily develop and implement a clear strategy. While some companies put their primary focus on manufacturing, BMW also incorporates innovation throughout every department within the organization, including sales and marketing, human resources, and product development. They do not rely on past performance to carry them into the future. They know their success depend on future development, which is why they look to their employees for ideas on for improvement with an open door policy to employees of all positions. Lastly, BMW's management structure is flat,