Product Life Cycle - New Product Launch

Running head: PRODUCT LIFE CYCLE
Product Life Cycle- New Product Launch
Name of the Student:
Name of the University:

1PRODUCT LIFE CYCLE
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

2PRODUCT LIFE CYCLE
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.