10-10-2023

ASSIGNMENT & GROUP PROJECTS

Roll No
Team A
Team B
Team C
Team D
Team E
Team F
Product life cycle in theory and
practice Team G

SESSION - 2  Stages of the product life

cycle

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DIGITAL PRODUCT MANAGER PRODUCT DEVELOPMENT: FACTS

Product Development is a complicated process for many organizations.
Digital product managers are not any elite variety of
product managers and have to do all the usual product Statistics say that as much as 66% of products fail within the first two years and 96% of
manager tasks and more. innovations fail to return their cost of capital. [1]

contribute to the overall product vision

New product development involves substantial trial and error. Big data and analytics
takes the guess work out and also helps develops products that are feasible through
 Unique value proposition for a digital product comes active management.
from the value it creates for its users and how it
differentiates from its competitors.
If your Research & Development team is struggling to arrive at the right conclusion, big
ideate and create both product solutions and data and analytics can zero in on the right data to be studied and also reduce the time
accompanying processes for internal & external users. spent on product development.

Clear product Vision What is the importance of data in digital product development?

https://theproductmanager.com/topics/digital-product-manager/#what-is-a-digital-product-manager [1] Source: https://born2invest.com/articles/big-data-affects-product-development/

PREETI KHANNA FOR NPD&D (ACADEMIC YEAR 2022-23) 3 PREPARED BY DR. PREETI KHANNA 4

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QUESTIONS TO BE ANSWERED: According to Wheelwright and Clark (1992),

 NPD is defined as an effective activity related to organization and management so as to
Following fundamental questions need to be addressed - bring products to market with low development costs and short development times.

1.Who are our customers / end users and what do they want? Organization such as PDMA (Product Development and Management
Association) defines NPD as,
 “A disciplined and defined set of tasks and steps that describe the normal means by which a
2.How can we make our product or service better? company repetitively converts embryonic ideas into saleable products or services.”
(PDMA handbook 2nd edition)
3.What gaps or opportunities exist in the market? Organizations such as the Product Development and Management Association (PDMA) and the Product
Development Institute (PDI) help organizations select the best development framework for a new product
or service.
 Fuzzy Front end (FFE) Approach
 Design Thinking Approach

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HISTORICAL PATTERN: PRODUCT LIFE CYCLE

The life story of most

successful products
is a history of their
passing through
certain recognizable
stages.

STAGES OF PRODUCT LIFE CYCLE

PREETI KHANNA FOR NPD&D (ACADEMIC YEAR 2022-23) 7 https://hbr.org/1965/11/exploit-the-product-life-cycle PREETI KHANNA FOR NPD&D (ACADEMIC YEAR 2022-23) 8

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IF YOU DON’T ADEQUATELY MANAGE A PRODUCT LIFE CRITICISMS OF THE PRODUCT LIFE CYCLE
CYCLE FOLLOWING WILL BE THE CONSEQUENCES:
The main arguments include –

•Failure of the product to meet its potential “The four phases or states in the life cycle are not clearly definable”

•Reduced life “It is impossible to determine at any moment in time exactly where a product is in its life cycle –
hence it can't be used as a planning tool”
•Loss of profits
“It in no way predicts the length of each phase, nor can it be used to forecast sales with any
accuracy.”
•Early entry into the market decline stage

Not applicable to brands or services For example – Microsoft has so many products which have
come and gone but this does not mean that the brand Microsoft is in Maturity stage or decline
stage
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The product development

cycle is a part of the product
life cycle.

What is a product
development cycle?

PREETI KHANNA FOR NPD&D (ACADEMIC YEAR 2022-23) 11 https://uxplanet.org/product-life-cycle-product-development-cycle-revisited-a70cff118c7c

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1. Plan & Discover 2. Build 4. Learn

3. Launch

Together with design and development, How do you evaluate the product? You can
•Who are your target audience? use Key Performance Indicators (KPIs) as
you will need to break down the plan into
metrics to measure the success of the
manageable releases, and document
user stories for each feature. You can let your target product.
•Is there a need for the product? audience know that you are
launching your product in a Key Metrics Measure For Product Success
The first release is likely to be an MVP number of ways, such as
•Who are the competitors in the
(minimum viable product) containing the press announcements,
market and how will the product be
core features necessary for the product interviews, advertising or AARRR Metrics
able to compete with them?
to be of use to your customers and launch events.
succeed in the market.
•What is the potential market share
for the product?

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AARRR 5-step framework for growth.

Acquisition —
 “Where Are Our Users / Customers Coming From?” Iterate or Kill Maturity

Activation —
 “How good is the user’s / customer’s first experience?” Features that prove not useful for For the features that are being kept,
the customer, and don’t generate they will need to be iterated on and
Retention — engagement or revenue, should upgraded to ensure competitiveness.
 “How many of your customers are you retaining and why are you losing the others?” be removed.

Referral —
This involves starting the Product
 “How can you turn your customers into your fans & advocates?” This should be done carefully Development Cycle all over again.
and strategically, with customers
Revenue —
being informed of the removal of
 “How can you increase revenue?” features.

By increasing your Customer Lifetime Value (CLV) and decreasing your Customer Acquisition
Cost (CAC).
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THINK “FIND THE SOLUTION OF”

Visit Website
- GE Healthcare
- HDB financial Services
- Stock Exchange NSC

You have put together a product plan and an estimate of the resources you will need.
However, the management will give you only half of the resources needed. What is your
plan of action?

You need more time to finish you plan. What will you do?

You cannot get a response from several departments as to what resources they will need
to get their portion of the product plan done. What will you do?

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