Product Management Life-Cycle Model

Product Management Life-Cycle Model
Due to the globalization and the increasing demand of consumption that the world has suffered throughout the last decades, companies have been forced to serve better their potential consumers, which fact requires a better recognition of the existing needs in order to develop an innovative product that will be a success in the market. The demand in the markethas also advanced to a more complex level where the products demanded have to meet some technical engineering challenges, which make the manufacturing process more complicated.
In order to do an efficient searching and identification of the customer needs and then the proper subsequent creation of the product that will satisfy these needs, a tool performing and monitoring the process is required.It is presented, for this purpose, the product management life-cycle mode.
The product management life-cycle is a model based on the process of managing and monitoring the entire lifecycle of a product from the conception of its idea, through design and manufacture of the product itself, to the service and disposal to the final consumer. This process contains people (labor) working on each ofthe steps and being correlated between them at the same time, data sharing through all the process, and business systems in order to carry it out.
Relating this system to the initial description of the world-wide market nowadays, it is added the fact that the product management life-cycle model help organizations in coping with the increasing complexity and engineering challenges of developingnew products for the global competitive markets.
The structure of the product management life-cycle model corresponds to the following form:
Planning

Execution

Insights
01.
Concept
02.
Case Building

03.
Viability Study

04.
Market Plan

05.
Production

06.
Launch

07.
Market PM

As it is shown above, the product management life-cycle includes two main sectionswithin its process, each one containing different phases. The two main divisions of the process are:
* Planning of the product
* Execution of the product
As it has been said before, there are different subdivisions within these two main sections of the process.
In regard to the first one, the planning of the product, this integrates several steps that should be followed carefully for agood performance of the execution of the product. It may be defined as the previous and necessary process to be done before moving on to the physical generation of the product itself and its launch in the market.
I consider that the phases that this section contains are essential for the following life-cycle of the product, both considering the product management life-cycle, (the one discussed inthis essay), as well as the product life-cycle. They can seem the same concept but in fact they are not. One regards to the previous process of the launching of the product and the other to the subsequent pattern that the product itself will experiment once it is launched into the market. This last includes also different phases, such as introduction, growth, maturity and decline. The pattern thatthis process follows is the following:

This model has to be borne in mind as well since it will show the results of the whole managing of the model explained in this essay.
Moving back to the product management life-cycle model, the first stage of the process (the planning) includes the following sub-phases:
The overall generation of the idea with its general characteristics, being theconcept creation of the project, the building and subsequent presentation of this project, an accurate study of its viability and potential success in the market, and the development of a market plan describing the strategy settled.
As I said before, I consider all this prior stages to the main manufacturing of the final product much more important than this last one. Without a clear, concise idea...