Product Life Cycle

I. 5 Reasons why new products fail 1. A Lack of Resources - Resources have a funny way of disappearing when you most need them. If we are talking about human resources then you will find that your team members end up stretched and pulled all over the place once the work starts to pick up in earnest. In terms of other resources such as office equipment, it can be important to plan well ahead and order anything you are going to need a long time before you actually need it. 2. Project Plan Ignored - So, you go to the trouble of drawing up an excellent project plan and then what happens? In a lot of cases it gets ignored when the going gets tough. In some cases this might not be a conscious decision. It could be that with so much going on you feel as though you don’t have the time to update and amend the project plan. 3. Stakeholders Not Involved Enough - You might look upon the stakeholders as a necessary evil but without their involvement it is going to be a lot more difficult to get the project through to a successful conclusion. One of the first things you need to do when you get started is to make sure that the stakeholders buy into the project. 4. Not Keeping on Top of Risks and Issues - It is extremely unlikely that your project sails through from the initial planning stages to completion without any problems. This means that it is imperative that you keep on top of your risks and issues and don’t let them run out of control. 5. Scope Creep - Even if you are new to the world of project management you have probably been warned of the dangers of the infamous scope creep. This is where a project grows arms and legs and ends up becoming completely unmanageable

II. Product Life Cycle

1. Introduction
The introduction stage is characterized by low growth rate of sales as the product is newly launched in the market. Monopoly can be created, depending upon the efficiency and need of the product to the customers. A firm usually incurs