Product Lifecycle Goal here is to get you to understand the various stages of the product development process and the success metrics you need to measure at each step of the way.
Product Lifecycle
Goal here is to get you to understand the various stages of the product development process and the success metrics you need to measure at each step of the way.
You are the new head of product for a startup. The startup used to have a wild west way of building products.
You have been asked by the CEO to educate the team on the steps that make the product life-cycle. More importantly, your CEO would like to know what metric he should measure to know that they have completed that step successfully and can now move to the next stage.
While we will learn in depth the various stages, please write down what you think are the various stages of the Product Development Lifecycle. Since you need to institute a process to ensure products are not built without much planning, you need to pull a plan where a team needs to meet certain acceptance criteria before they can proceed to the next stage of the product lifecycle. What are the acceptance criteria that you will institute at each stage?
For example, in the pricing stage, you may want to see if the team has determined the price of similar offerings from competitors. You may also want to make sure you have asked a certain number of potential customers if they are willing to pay that price. Lastly you may want to make sure the price is ensuring you have positive unit economics.
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