product life cycle

Product Service Management

Involves planning, developing, and managing a product or service throughout its lifecycle to meet customer needs and maximize profitability.

Product Planning

The process of identifying customer needs, defining product objectives, and managing product features to ensure market success.

Product Features

Characteristics of a product that add value and differentiate it from competitors, including design, quality, functionality, and branding.

Core Product

The fundamental benefit or service that the product provides.

Basic Product

The actual product with its necessary features.

Expected Product

The attributes that customers expect from a product.

Augmented Product

Additional features or services that enhance the value of the product.

Potential Product

Future improvements and innovations that can be made to a product.

Product Mix

The total range of products offered by a company, consisting of width and depth.

Width of Product Mix

The number of product lines that a company offers.

Depth of Product Mix

The number of variations within a product line.

Modify Product Mix

The process of adding new products, improving existing products, or removing underperforming products.

Product Life Cycle (PLC)

A model outlining the stages a product goes through from introduction to decline.

Introduction Stage

The first stage of the product life cycle where the product is launched in the market.

Growth Stage

The stage of the product life cycle where sales and customer demand increase.

Maturity Stage

The stage of the product life cycle where sales peak and competition is intense.

Decline Stage

The stage of the product life cycle where sales decrease due to market saturation or changing trends.

Generating Ideas

The process of brainstorming new product concepts when launching a new product.

Screening Ideas

The process of filtering out unfeasible ideas during product development.

Business Proposal

An assessment of profitability and feasibility for a new product.

Product Development

The stage of designing and creating prototypes for a new product.

Product Testing

Evaluating the performance and customer acceptance of a new product.

Evaluating Acceptance

Analyzing market response to a product and making necessary adjustments.