product-development-lifecycle

Vocabulary Word

Definition

'Product development lifecycle' refers to the process a new product goes through, from initial idea to final production and sale. It typically includes steps like ideation, design, manufacturing, and launch.

Examples in Different Contexts

In product management, the 'product development lifecycle' describes the sequence of phases a product goes through from conception to retirement, including ideation, development, launch, growth, maturity, and decline. A product manager might detail, 'Managing the product development lifecycle effectively is key to maximizing a product's market presence and profitability over time.'

Practice Scenarios

Tech

Scenario:

There were some bugs found in the testing phase of our software. Should we push back the launch date?

Response:

Based on the product development lifecycle, it expedites the overall process to go back to the testing phase and ensure that all bugs are fixed before launching.

Business

Scenario:

We are in the preliminary stages of building a new consumer-oriented app. What steps should we follow?

Response:

I recommend that we follow the standard product development lifecycle stages. Starting with ideation, progressing through development and testing, and culminating with launch and post-launch analysis.