the 5 stages of the product lifecycle
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Product development is source of new growth
Based on customers’ needs
5 Stages in a product’s life
• each are challenging
Introduction
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Discover
Conceptual thinking
Market investigation
Customer discussions
Competitor analysisSource: www.mlewisandwclark.com
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Define
Document the product
Market requirements document
• defines product
• improves communication with internal teams
Enhances agility in development
de·fine [dih-fahyn] verb, de·fined, de·fin·ing. verb (used with object) 1. to state or set forth the meaning of (a word, phrase, etc.): They disagreed on how to define “liberal.” 2. to explain or identify the nature or essential qualities of; describe: to define judicial functions.
Source: www.dictionary.com
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Develop
“Magic” happens here
Budget hog
Many methodologies
Highest risk to schedule
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Deliver
Start during development stage
Manufacturing technology must match product
Supply chain is more complex than you think
It has many “Moving Parts”
Source: www.wikipedia.org
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Decline
All products fade
Plan for it
Stagger products’ growth/decline patterns
Portfolio planning & management
Source: www.wpclipart.com
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Summary
Study the market
Over-communicate with teams
Involve manufacturing early
All products decline
Offset product launches to level profit