Product Management Life Cycle

Seminar paper from the year 2022 in the subject Business economics - Business Management, Corporate Governance, , language: English, abstract: Successful products necessitate meticulous management from the beginning to the end. The success rate of a product will depend on the effectiveness of its management. Effective management should prevent the company from launching and spending huge amounts of resources on products that are more likely to fail. Product management should increase the pace of product development, marketing, and distribution and integrate best practices to ensure market growth and development. This paper evaluated different phases of the product management life cycle. The researcher found that the product lifecycle encompassed four phases: introduction, growth, maturity, and decline phases. In the introduction phase, the product is launched into the market. In the growth phase, the product market share is growing at a rapid pace. At the maturity phase, the market stagnated, and the product is on the brink of decline. However, to sustain growth, there are several product management success factors, such as technology, that product managers should consider.