Product Life Cycle - New Product Launch

Recommendation 4 4.1 Defining 4 4.2 Planning 4 4.3 Executing 4 4.4 Closure 5 5. Introduction of selected project The selected project is based on “new product launch”, and in this paper the product life cycle (PLC) is explained that a new product goes throughout the lifetime. The PLC theory has some of the features into the project for launching of new product such as demand of the product, manufacture of the product, international market completion as well as marketing strategy (Holzbaur, Ross and

Running head: PRODUCT LIFE CYCLE
Product Life Cycle- New Product Launch
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Table of Contents
1. Introduction of selected project...................................................................................................2
2. Identify the importance of PLC...................................................................................................2
3. Common challenges of PLC........................................................................................................3
4. Recommendation.........................................................................................................................4
4.1 Defining.................................................................................................................................4
4.2 Planning.................................................................................................................................4
4.3 Executing...............................................................................................................................4
4.4 Closure...................................................................................................................................5
5. Conclusion...................................................................................................................................5
References........................................................................................................................................6

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1. Introduction of selected project
The selected project is based on “new product launch”, and in this paper the product life
cycle (PLC) is explained that a new product goes throughout the lifetime. The new products have
limited lifespan and there are variable sales as well as profit margins based on the project
lifecycle. The stages of PLC are consisted of introduction, growth, maturity and decline. The
PLC theory has some of the features into the project for launching of new product such as
demand of the product, manufacture of the product, international market completion as well as
marketing strategy (Holzbaur, Ross and Rothrock 2016). PLC is used into product launch project
as there are various changes into lifespan of the product.
2. Identify the importance of PLC
Following are the importance of PLC is as follows:
1. PLC provides of structured approach to deliver the project. It allows the project to
recognize that the project is being progressed. It defines each of the project activities and
its respective outputs (Armstrong et al. 2015).
2. PLC defines roles and responsibilities of the assigned project team members. Based on
the project phase, roles in addition to responsibilities are assigned. It helps the project
manager to plan resource levels in order to avoid of wasted resources. The phase of
implementation consists of more resources (Stark 2015).
3. The PLC phases provide understanding of the project evolution. Risk management plan
in early stages are required to identify and prevent the possible risks into the project.

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4. PLC defines the project evaluation review and allows the project manager to plan
completion of project reports for supporting reviews. The regular review provides raise
of stakeholder’s confidence to early success into the project.
5. PLC ensures that all the project activities are included into the schedule and proper
estimation is followed to complete the activities. It also ensures that the project plan is
done before cut down of project execution (Campbell, Jardine and McGlynn 2016). It
helps to estimate the timeframe as well as risks which are involved into the project.
3. Common challenges of PLC
The stages of PLC have following challenges such as:
Resource challenges: Throughout the first stage of product lifecycle, the project
management determines scope of assignment and quality of the required resources. Failure for
getting right things at the first stage presents risk of under-staffed and under-funded.
Financial challenges: The project plan faces of financial risks when the project goes
behind the schedule. The managers are not having agile into unexpected changes into the
complete which becomes an obstacle to complete the plan.
Quality challenges: Each of the people involved into the project plan requires of
performance as well as outcome models. Each of the project stakeholders required shared to
understand quality into process as well as execution (Gmelin and Seuring 2014).
Closing challenges: Closing of the project plan does not end the project lifecycle.
Demobilization is such a period to dismast the ideas, processes as well as resource and the

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project equipments (Turner 2016). Closure of the time is done to evaluate the performance;
improve of project processes and secured approval of the project deliverables.
4. Recommendation
4.1 Defining
The product life cycle of the company provides significant impacts on the decisions
which are related to launching of new product into the market. The business owners are taking of
marketing decisions at each stage of the product life. When a new product is entered into the
market, the company opens the door and the business owner can generate of customer awareness
for the product (Kerzner 2018). The product is gained of market awareness; and creates of
preferences for the product among the target customers. Competing into the market is occurred at
the mid stage of the product.
4.2 Planning
The planning of new product launch is time based roadmap which communicates the
deliverables in relation to the time. The planning stages are consisted of product and service
management, branding, channel management as well as sales of the product. The entire time to
plan the new product launch is 1 month but the event is occurred for only one day. This
particular phase is a key to focus on development of the roadmap that each one should follow
(Sanchez 2015). It is begin to set the project goals.
4.3 Executing
This particular phase is focused on where the deliverables are to be developed as well as
completed. The status report, project meetings, development updates as well as performance

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reports are prepared to track the status of the project. There is a kick off meeting where the teams
are involved and informed about any changes required into the project plan (Harrison and Lock
2017). The activities those are completed in this phase are development of team, assign of
project resources, and execute the project plan, procurement management, set to track the
system, status meetings, update about the project schedule and modify the project plan.
4.4 Closure
The scope of the product is defined in this phase where the scope is to launch of new
product. It is involved with cost identification, quality, resources as well as realistic timetable.
The final project report determines if the project is on track or not. The closure phase closes the
project and reports the entire success level to the project manager (Ciambrone 2018). The
deliverables are finalized, handled the project documentation, released of project resources as
well as communicated the project closure to the project stakeholders. The final step is lessons
learned for examining what is learnt from the entire project which will be helpful for the project
team members.
5. Conclusion
It is concluded that the product life cycle consists of various phases which are required to
complete the new product launch project plan on time. PLC shows of levels into project plan
consistency and each of the stages are being approved. The project plan goes from one step to
another which reviewing and determining the project status. All the PLC phases update the
project team about the project completion time and its status.

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References
Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction.
Pearson Education.
Campbell, J.D., Jardine, A.K. and McGlynn, J. eds., 2016. Asset management excellence:
optimizing equipment life-cycle decisions. CRC Press.
Ciambrone, D.F., 2018. Environmental life cycle analysis. CRC Press.
Gmelin, H. and Seuring, S., 2014. Achieving sustainable new product development by
integrating product life-cycle management capabilities. International Journal of Production
Economics, 154, pp.166-177.
Harrison, F. and Lock, D., 2017. Advanced project management: a structured approach.
Routledge.
Holzbaur, E., Ross, J. and Rothrock, T., 2016. Epro Product Life Cycle: Guidance For A
Successful Management Phase. Value in Health, 19(3), p.A109.
Kerzner, H., 2018. Project management best practices: Achieving global excellence. John Wiley
& Sons.
Sánchez, M.A., 2015. Integrating sustainability issues into project management. Journal of
Cleaner Production, 96, pp.319-330.
Stark, J., 2015. Product lifecycle management. In Product Lifecycle Management (Volume
1) (pp. 1-29). Springer, Cham.

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Turner, R., 2016. Gower handbook of project management. Routledge.