From Product Concept to Market Success – The Importance of Product Life Cycle

Many successful companies are able to generate significant revenue from their new products by introducing them at the right market window and to the right customers. Many products with high return of investment (ROI) are not necessarily breakthrough product like the iPhone or technologically advanced products. Their success depends on getting to the market at the right time with the right price and to the right target group of customers.

Companies that are able to generate a steady stream of successful new products always have an established new product life cycle that takes them from product concept to successful market launch.

Among different product life cycles, the phase gated product life cycle is especially beneficially as it allows the company or organization to:

1) Better manage the investment risks.

2) Improve the success rate of the new product project.

3) Ensure final product meet targeted customers’ needs.

4) Build on learning for future improvement.

A typical life cycle consists of the following stages:

1) Need analysis and product definition

2) Solution development

3) Solution deployment

4) Solution support

Within each stage above, there are one or more phases. For more information and learning, please see our New Product Life cycle course http://www.dreamcatcher.asia/training/courseprofile.php?id=TM231.

Tan Cheng Yian

DreamCatcher Technical Training

Aug 2010