Understanding the Different Stages of Product Life Cycle in Management with Homework Help
Product life cycle and management and research development homework help explains the term in management. Management can be defined as responsibilities taken up by an individual or a group of individuals to run an organisation. They do not work just for themselves but also motivates others to work to achieve the objectives of an organisation. Product life cycle management and research and development assignment help defines it as –
- Product life cycle management –
It is the process to manage data and also to design process associated with the life of a product. Product life cycle management is not just a technology but it is also an approach in which processes are more important than data. It is a business approach for innovation that applies a consistent set of business solutions. Their core is in the creations and management of the product data and the technology used to access the information and knowledge.
- Research and development –
This term is referred to the investigative activities that a business conducts to improve the existing products and also the procedures. This term is linked to the concept of the government and corporate innovation. In the process of operations, research and development are very different from the activities performed by a corporation.
With product life cycle management and research and development assignment help you can improve your knowledge on this topic.
Stages of product life cycle management and research and development
Product life cycle management and research and development homework help explains the different stages.
There are four stages to product life cycle management with its own characteristics. They are as follows –
- Introduction stage – This is the very first stage that could be expensive for a company launching a new product. Since the size of the market for the product is small so sales get low.
- Growth stage – In this stage, there is a strong growth in sales and profits. In this stage, the companies start to benefit from the economies.
- Maturity stage – The product is established at this stage and is also the most competitive stage.
- Decline stage – The market for a product starts to shrink here and that is the reason for this stage to be called the decline stage.
Research and development:
The several stages to be faced in research and development are as follows –
- Basic research
- Exploratory research
- Engineering development
- Advanced development
- Prototype system design
- Production engineering
- Full production and marketing
In management, product life cycle management and research and development homework help shows how these stages are very important since these stages help in organising a firm. Product life cycle management and research and development assignment help gives you a hand with the problems you have been facing with the subject. It helps you in certain different ways.
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