In today's world, businesses have evolved their working principles. Globalization has increased competition. For this reason, business professionals have to devise strategies for business sustainability. In order to stay competitive, entrepreneurs follow the principles of effective project management. It is essential to know that product & services have a defined life cycle. In other words, every product or service goes through distinct phases of lifecycle. The life cycle initiates with the development phase. The management of product life cycle has a significant value. The phases, pertaining to product lifecycle, record the behavior of the product in a particular phase.
In this paper, the discussion highlights the description of the product lifecycle management. Also, the discussion presents an insightful account on the distinct phases. Further, innovation management is discussed. Towards the end, the write up presents conclusion.
Discussion
Product Lifecycle
Product lifecycle describes the time period, which begins with the product launch. The lifecycle lasts till the final withdrawal. The lifecycle consists of distinct phases. In a typical situation, a product life cycle begins with an idea. A single product goes through varying phases including design, manufacture & disposal (Grieves, 2006). During a product lifecycle, one can observe changes in the behavior of a product. The changes can be in terms of sales and revenues. The product behavior can be recorded in terms of popularity & adoption, as well. Thus, there are a numbers of ways to asses a product's behavior. The increment of profit (revenue) is essential for a company. For that matter, the product lifecycle management has a significant value. There are many benefits of understanding a product lifecycle. It allows companies to identify the perfect time to launch a product. Also, the companies learn about the best time to withdraw a product. Besides, the business professionals learn about the position of their product in comparison with the market (Kevin, 2011). Further, product lifecycle allows an entrepreneur to assess the success of the product. Therefore, the understanding of product lifecycle management is essential for a successful business. Before discussing product life cycle management, it is essential to examine the distinct phases of a product life cycle.
Figure 1. Product Lifecycle
Phases of Product Lifecycle
There are five phases of a product life cycle. The first phase of a product is the development phase.
Product Development Phase
In this phase, a company develops an idea of a new product or a service. In other words, a company formulates a new business idea. Product development phase is the initial phase of a product. It involves transforming the product idea into information pieces. In this phase, managers combine the bits of information for a new product. In the development phase, imagination is being realized. In other words, a product idea transforms into a physical document. The development phase requires a lot of hard work (John, 2011). It requires a lot of time & money. The development phase finalizes most of the finance, required by the product. In this phase, the product managers have to align the resources including ...
