Do You Know The Four Phases Of The Product Lifecycle?
Whether you have realized it yet or not the product you are selling today may be obsolete tomorrow. That is why you need to be familiar with the four phases of the product life cycle because eventually you may need a new product or an updated product for your company to survive the downfall of what you are selling today.
The four phases of the product lifecycle are conceive, design, realize, and service. These are the steps that you must take to manage a product from beginning to end. Now not all products have an end but most at least need an update. Whether we're talking about computer software, cars, furniture, appliances, or mops. Most products have a start and a finish.
So the first phase we need to cover is conceive. In this phase just as it sounds we will think up the idea for a new or updated product. We will imagine it, specify it, plan it, and innovate it. So imagining it implies that it doesn't already exist or we can make a better product than is currently on the market. We will specify exactly what kind of product we are going to develop. We will plan on how the product will be developed, and we will determine what new and innovative features our product will include. These are the things we will try to accomplish in phase one.
In phase two we will actually proceed in designing our product. The first step in designing our product is to describe what kind of product we are looking to create. The second step is defining what the parameters for our project are. The third step will cover actually developing a working model of our product. Next we will need to test our product. We will then analyze our product to determine any necessary changes or improvements that can be made. And finally we will validate our product as being finished and successful or we will realize we need to start over.
Our third phase covers bringing to life our new product. In this phase we get to manufacture, procure, sell, and deliver. In the case of manufacturing the product this is only covered if we intend to build the product ourselves in our own facilities. Otherwise we will procure our product from another source that has been contracted to be our manufacturer or supplier. Next we will attempt to sell our product to our chosen market and then we will deliver our product to our customers.
Finally if necessary we will service our product. In this phase we will be operating or maintaining our product depending of course on the product being sold. Otherwise we will support and sustain our product. And eventually we will retire our product. Hopefully replacing it with the next generation model of the same product.
All companies that offer products or services to a market experience these phases. I really makes no difference what the product is. A model of brooms might last longer than a software program but eventually even a broom gets replaced. If your business offers a product especially in competition with another company then you need to be aware of these phases. It will help get you through the development of a new product that much quicker. And hopefully staying a step ahead of your competition.
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