ENTREPRENEURSHIP

Detailed explanation-1: -The product life cycle is the progression of a product through 5 distinct stages-development, introduction, growth, maturity, and decline. The concept was developed by German economist Theodore Levitt, who published his Product Life Cycle model in the Harvard Business Review in 1965. We still use this model today.

Detailed explanation-2: -The iterative process is an approach to continuously improving a concept, design, or product. Creators produce a prototype, test it, tweak it, and repeat the cycle with the goal of getting closer to the solution.

Detailed explanation-3: -The short form of the design thinking process can be articulated in five steps or phases: empathize, define, ideate, prototype and test. Let’s briefly explore each of these phases in relation to a practical design process.

Detailed explanation-4: -1. Idea generation (Ideation) The initial stage of the product development process begins by generating new product ideas. This is the product innovation stage, where you brainstorm product concepts based on customer needs, concept testing, and market research.