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 the healthcare industry, the 'product development lifecycle' for medical devices or pharmaceuticals involves rigorous testing and regulatory approval phases to ensure safety and efficacy. A healthcare product developer might comment, 'The product development lifecycle in healthcare is lengthy and complex, reflecting the industry's high standards for patient safety and product effectiveness.'

Practice Scenarios

Design

Scenario:

The first prototype of our new product didn't meet the client's expectations. How can we improve it?

Response:

Adherence to the product development lifecycle mandates that we revise the design based on client feedback before moving on to another prototype.

Marketing

Scenario:

The launch campaign for our new product didn't attract enough attention. Should we rework our marketing strategy?

Response:

Per the product development lifecycle, maybe we should initially focus more on market research and then readjust our marketing strategies for a successful product launch.