Software Project Management - Old Questions

5. Explain the product life cycle.

Answered by Anonymous

The product life cycle starts from the inception of the idea to the point when the product is retired. In the development stage, you will generate the idea to create the product and the product is created. In the introduction stage, you will start marketing the product and begin selling the product to customers. In the growth stage, the sales increase. In the maturity stage, the product is accepted widely and sales are at their peak Example: Let’s consider the product life cycle for a new motorcycle that your company may want to build and sell in the market. The first step of this product life cycle can be the idea generation. This may include a feasibility study, market research, and the business plan. When this phase is complete you can initiate a project to build this bike. Once the motorcycle is built, the project will be complete and the next phase of your product life cycle begins, which is marketing and selling motorcycles to customers. After selling you may need to provide after-sale support, and then the retirement phase occurs. The retirement phase may include selling motorcycles at a discounted price. Last is the retirement stage. At this level, you will try to sell out all of your inventory and move on to the next product. This stage happens due to technical advancement or because your product is not selling enough to support its production cost.