ASSESSMENT 2

1. Understanding the Product Management Cycle helps in effective

product management by providing a structured approach to product
development. It helps in identifying new product opportunities, defining
product specifications, developing the product, launching it in the
market, and eventually discontinuing it. By following this cycle,
companies can stay ahead of competitors and meet the changing needs
of the market.

2. During the growth phase of the product, the product management team
can undertake various activities to increase its sales. They can focus on
marketing and advertising initiatives to create awareness and generate
demand. They also keep taking a feedback from the customer so that
small incremental improvements can be made to the product based on
their needs and preferences.

3. The product discontinuation phase is important in product development

because it involves replacing an existing product with a new one. In my
own understanding, this phase requires careful planning and execution
to ensure a smooth transition and minimize any negative impact on the
company's market share and customer satisfaction. In my own opinion, I
agree that this phase is crucial as it involves managing customer
expectations, training the organization on the new product, and ensuring
adequate stock availability to prevent sales loss.