Full project lifecycle – detailed real example with explanations for Project Managers

The following material is an example of a complete detailed project lifecycle. Explanations are included in each phase.

This material is suitable for learning classic project management practices and processes. Learn more about Project Lifecycle on the BVOP.org website.

Business model

The business model is a collection of elements, the purpose of which is to present the company with a way to organize its activities and generate revenue.

Prototype creation

Regardless of the company’s activities, the development of new products is an important element of the company’s growth. Prototypes are an integral part of this process. Through them, the design and production department can see and touch the physical model before it goes into mass production. In this way, we will be able to test the prototype, and defects can be quickly and easily removed. He also has to answer the question, “Can a product function in real life and be manufactured at the planned cost?”

When we decided to create a new generation laundry, we knew that it was no longer enough to carry out its characteristic functions. For this reason, in addition to looking good, the new product will have many innovative features, such as:

  • graphical interface
  • touch screen
  • proprietary operating system
  • the ability to install your own applications
  • remote control capability
  • that will give relief, pleasure, and inspiration.

Our idea is to improve people’s lives and increase company sales through the updated product.

Stage of product testing

The stage that follows before the product is launched is for the prototype to go through functional and user tests. Our team must make sure that the technical conditions are met, as well as reliability and proper functioning.
Once the product is refined, if necessary, the company will move on to end buyers. Testing the concept is a low-cost procedure by which an organization determines the initial response of consumers to a product before investing significant resources. This aims to minimize the risk of failure in its launch. For this purpose, a small group of users can be invited to answer a short questionnaire after examination of the parameters of the new product. Alternatively, its features may be demonstrated in the video, which should ultimately be evaluated.

Delivery among real customers

The introduction of a new good on the market is the stage at which consumers are informed of its existence. Therefore, good organization between the different units is needed.

Supply Management Actions:

  • selection of suppliers;
  • establishing long-term relationships;
  • securing stock on time;
  • development of joint improvement actions;

Actions with our suppliers:

  • storage of goods;
  • transportation;
  • providing service;
  • speed when executing the order to the final buyer;
  • providing office and people involved in logistics;

Marketing activities

After testing and selecting a product development concept, the new product creation manager must make a preliminary marketing plan for the new product to be introduced. It should include a solution for selecting the target market, positioning the new product, and developing the right marketing mix.

Company goals:

  • the company to become a market leader;
  • sales make a profit;
  • increase the number of regular users;

Marketing goals and strategies:

  • Find the right market segment / through the market and consumer surveys we will determine which target group to target /
  • Increase sales volume and reduce costs;
Customer satisfaction

In our case, the appropriate strategy would be to conduct concentrated marketing.

Providing advantages over competitors:
  • Our first advantage is offering a unique product that meets specific customer needs
  • Development of a complex of marketing events and advertising to stimulate sales
  • Continuous innovation

Through advertising, we will promote the specific product, inform the users about the creation of the new product, about promotions and discounts. We will start by running an advertising campaign to distribute flyers to our product. Our company will also be promoted through radio advertising, television advertising, billboards and a website on the Internet.

During the holidays, discount cards will be issued to customers. When buying goods and presenting the card, the customer will receive a percentage discount from the price. In this way, we will be able to reach more new customers.

More Project Management resources

Product Development workshop from the Lean guru Reinertsen

Lean Product Development is not just a product management practices following some processes. Last year I was fortunate enough to…

The Lean Product Development guru Don Reinertsen

When we are talking about Scrum, Agile and Lean product development we always remember Edwin’s stories about the Lean Product…

How to manage support work in Scrum

Scrum is not that easy and different issues may arise. A recurring question I am often asked is…

Best Product Management Training, Certification & Courses in 2020

Join the Conversation

1 Comment

  1. We would like to make an addition to the publication with the following section:

    Market Analysis

    Market analysis is a study that includes research to evaluate changes in consumer behavior.
    To determine the presence or absence of competition and to focus on generating lasting consumer interests in our product.
    In order to make a qualitative assessment of the market, there are several factors to consider:
    Geographic distribution of our users
    which are the regions of highest productivity;
    how the business is broken down by region in percentage;

    Competition analysis

    Commercial and Internet presence;
    Products;
    Research on the level of promotion;
    A detailed introduction to their strengths and weaknesses;

    Assessment of purchase factors:

    price
    functions
    quality
    design
    convenience

    This will help us understand why a product is preferred over another.
    Customer behavior
    Consumer preferences and expectations;
    How to reach future users;
    How does our product stand out from the rest;
    Opinion on our brand image;

Leave a comment

Your email address will not be published. Required fields are marked *