1. What is the product cycle?

A product life cycle is the length of time from a product first being introduced to consumers
until it is removed from the market. A product’s life cycle is usually broken down into four
stages; introduction, growth, maturity, and decline. Product life cycles are used by management
and marketing professionals to help determine advertising schedules, price points, expansion to
new product markets, packaging redesigns, and more. These strategic methods of product
support are known as product life cycle management. They can also help determine when newer
products are ready to push older ones from the market.

The various stages of a product’s life cycle determine how it is marketed to consumers.
Successfully introducing a product to the market should see a rise in demand and popularity,
pushing older products from the market. As the new product becomes established, the marketing
efforts lessen, and the associated marketing and production costs drop as the product moves from
maturity to decline, so demand wanes. The product can be removed from the market and
possibly replaced by a newer alternative. Managing the four life cycle stages can help increase
profitability and maximize returns while failing to do so could see a product fail to meet its
potential and reduce its shelf life.

2. When is the time to market the product before development?

Time to market (called TTM or time-to-market) is defined as the length of time from the
conception of a product until it is released to the market. Another definition: it is the time
between when the team starts work and when the first unit is sold. Since research has shown that
new market entrants enjoy clear advantages in market share, revenue, and sales growth, time to
market is one of the critical product development KPIs or metrics. Many product development
strategies depend on being first to market. Creating a fast time-to-market product is often ideal.
Time to market is both quantitative and qualitative. There is the best time to release a product,
and that time is not always as soon as possible, although, with more innovative offerings, it
usually is. Removing at the right time requires adaptability, learning quickly, and resilience.
These capabilities are at the forefront of time-based competition today.

Time to market varies widely by what is sold: product type, complexity, and industry. A
typical time to market for a pharmaceutical is ten years, while a consumer social app could be
conceptualized, researched, designed, prototyped, and launched in less than a year.
Fundamentally, TTM varies based on product and regulatory complexity.

3. Describe the product development process.

The product development process encompasses all steps to take a product from concept to
market availability. This includes identifying a market need, researching the competitive
landscape, conceptualizing a solution, developing a product roadmap, building a minimum viable
product, etc. The product development process describes the six steps from the initial concept to
the final market launch. This includes identifying a market need, researching the competition,
ideating a solution, developing a product roadmap, and building a minimum viable product
(MVP)
Product development requires the work and input of many teams across a business, including:

- Development
- Design
- Marketing
- Sales
- Finance
- Testing

Product managers act as the strategic directors of the development process. They pull together
the cross-functional team, communicate the big-picture goals and plans for the product (via the
product roadmap), and oversee the team’s progress.

4. What is the stage gate process?

The Stage-Gate Process, also known as the Phase Gate Process, is a technique used by project
managers to assess the viability of developing a new product and improving a process or
business change. It is a phased approach divided into different gates or decision points to analyze
the business case, resources, risks, and forecast to determine the best course of action. It is
essential to know what a Phase Gate Process is, as each gate's different stages include decision
makers, such as managers, board members, or a steering committee.

Phase-Gate explains the way the technique works. It is a combination of different steps,
where the ideas have to go through various hoops for assessment, known as gates. Let’s take a
closer look at the entire process. The Stage-Gate Process provides how it benefits project
managers and decision-makers to find the best possible option to proceed forward. The
traditional Stage-Gate Process or Phase Gate Process has five basic steps after the discovery, or
the ideation process is completed. These include scoping, building a business case, development,
testing, and validation, followed by launch.

5. Describe product lifecycle management.

Product lifecycle management (PLM) refers to handling a good as it moves through the
typical stages of its product life: development and introduction, growth, maturity/stability, and
decline. This handling involves both the manufacturing of the good and the marketing of it. The
product life cycle concept helps inform business decision-making, from pricing and promotion to
expansion or cost-cutting.

Effective product life cycle management brings together the many companies, departments,
and employees involved with the product's production to streamline their activities, with the
ultimate goal of producing a product that outperforms its competitors, is highly profitable, and
lasts as long as consumer demand and technology permit. PLM systems help organizations cope
with the increasing complexity and engineering challenges of developing new products.