Question

project lifecycle as Selecting and Initiating, Planning, Executing (Includes monitoring/controlling), and Closing and Realizing.

• What are the major requirements that take us from one lifecycle phase to the next?

Answer 1

There are many need and requirement that prompts the marketers to move from one phase to another in the Life cycle of the product:

• The demand becomes stagnant or starts declining.
• An increase in the number of competitors offering similar prducts in the market.
• Raw material costs increases, profit decreases, market size and customer acquisitino becomes low and prodct at times find itself on stagnancy.
• Legal rules and regulations changes and trade rules alter.
• Lesser profit margins and newer customers do not join in.