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Product analysis is conducted by potential buyers, by product managers attempting to understand competitors and by third party reviewers. [1] [2] Product analysis can also be used as part of product design to convert a high-level product description into project deliverables and requirements.
Once the product is designed and put into the market, the offering should be managed efficiently for the buyers to get value from it. Before entering into any market complete analysis is carried out by the industry for both external and internal factors including the laws and regulations, environment, economics, cultural values and market needs.
In industry, product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from its inception through the engineering, design and manufacture, as well as the service and disposal of manufactured products.
Product managers analyze information including customer research, competitive intelligence, industry analysis, trends, economic signals, and competitive activity, [1] as well as documenting requirements, setting product strategy, and creating the roadmap. Product managers align across departments within their company including product design ...
Product planning (or product discovery) is the ongoing process of identifying and articulating market requirements that define a product's feature set. [1] It serves as the basis for decision-making about price, distribution and promotion.
By this time in the product’s life cycle, the characteristics of the product itself and of the production process are well known; the product is familiar to consumers and the production process to producers. This occurs when the product peaks in the maturity stage and then begins a downward slide in sales.
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Product testing, also called consumer testing or comparative testing, is a process of measuring the properties or performance of products. The theory is that since the advent of mass production , manufacturers produce branded products which they assert and advertise to be identical within some technical standard .