Every product has 5 distinct phases of life. Each of these phases have characteristics that make them unique and challenging. Taken together, they represent the total life of the product. These five phases are:
A key to your long-term success as a leader of product development projects and project teams is learning to quickly and accurately shift your viewpoint from the details within one of the phases to looking at the whole life of one product or of a complete portfolio of products.
I will explain each of these 5 Phases of Product Development over the next few weeks. I will provide insight into the importance of each of these 5 steps that may will help improve your product development and portfolio management.