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Product Life Cycle

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21 views22 pages

Product Life Cycle

Uploaded by

jatin22mp3
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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New Product Policy

• Make (manufacturing or developing new


product)
OR
• Buy (acquisition of Product manufactured by
other company)
NEW PRODUCT DEVELOPMENT PROCESS
Idea generation
 The first stage involves generating ideas for new
products or services. Ideas can come from various
sources, including market research, customer feedback,
brainstorming sessions, employee suggestions, and
technological advancements.
 Businesses may use techniques such as idea contests,
focus groups, surveys, trend analysis, and competitor
analysis to generate and capture innovative ideas.
Idea screening
• In this stage, ideas are evaluated and screened based
on their feasibility, alignment with business goals,
market potential, technical viability, and resource
requirements.
• Criteria such as market size, competitive advantage,
customer needs, and strategic fit are used to
prioritize and select promising ideas for further
development.
Concept development and testing
• Selected ideas are further developed into conceptual
designs or prototypes that showcase the product's
features, benefits, and value proposition.
• Concepts are tested and validated with target
customers through surveys, focus groups, interviews,
or prototype testing to gather feedback, assess
interest, and refine product attributes.
Business Analysis
• A detailed business analysis is conducted to
evaluate the commercial viability and financial
feasibility of the proposed product.
• Factors such as market demand, pricing
strategy, sales projections, cost estimates,
revenue forecasts, and return on investment
(ROI) are analyzed to assess the potential
profitability and risk of the new product
Product development
• Once the concept is approved, the product
development phase begins, where engineers,
designers, and developers work to create the
final product or service.
• This stage involves designing product
specifications, engineering prototypes,
conducting product testing and validation,
refining features and functionalities, and
addressing technical challenges.
Market Testing (Beta Testing)

• Before full-scale launch, the product is tested


in a real-world market environment to gauge
customer response, identify potential issues,
and gather feedback for further refinement.
• Beta testing may involve limited release to a
select group of customers, pilot testing in
specific markets, or soft launch to assess
market acceptance and fine-tune marketing
strategies.
Commercialization
• The final stage involves the full-scale launch
and commercialization of the new product or
service.
• This includes developing marketing and
promotional campaigns, setting pricing
strategies, establishing distribution channels,
training sales teams, and executing go-to-
market plans to generate awareness, drive
sales, and capture market share.
Post-launch Evaluation and Review
• After the product is launched, ongoing
monitoring and evaluation are conducted to
track performance, measure results, and
gather feedback from customers and
stakeholders.
• Continuous improvement efforts may involve
product updates, enhancements, and
iterations based on market feedback, changing
customer needs, and emerging trends.

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