Each project has its life cycle. A project manager defines the cycle and defines all phases. In the report, we present an exemplary life cycle created by a real student.
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Market and consumer analysis
Target groups of households and shops for white goods). The marketing department to do research, collect data, and present it to the rest of the team. At this stage, the specific market segment in which the product will be offered must be identified and the competitive forces that may have an impact on long-term development must be considered. Who will buy the product? Why will the product be bought? How much of the product will be bought? Reference: “Project Life Cycle”, BVOP.org https://bvop.org/posts/projectlifecycle/#:~:text=A%20project%20life%20cycle%20is,stages)%20%2D%20the%20project%20cycle.
Creating a business model
Value proposition – What problem or need does the product solve? In the age of digital technologies, which are increasingly entering our daily lives – a new niche is opening, which further manages to save our precious time. Smart features are the future that not everyone realizes they need. Imagine the picture: after a long working day you come home and the washing machine is ready and just waiting for you to stretch it – it started when you were in the office and you were still working. You will no longer have to read the long instructions, just one press on your mobile device, and the machine starts working. Reference: “Business project and project lifecycle example for an innovative product”, https://www.dobrojutro.net/business-project-and-project-lifecycle-example-for-an-innovative-product/
Determining who the customers are and why they would buy the product, in other words, the Persons.
Julia – The End Customer. A 39-year-old woman, a mother with two children, one of whom is 4 years old and the other 7 years old. Her daily life is busy and her priority is her children. She needs cleanliness and speed. He wants easy-to-access and manageable processes that he can manage from any room of his home at any time. Price is a factor you would not compromise on if the product is high quality and innovative.
Robert, 40, owns a white goods store. He runs his own business. There are 2 to 4 shops, at a distance of 10-40 km. There is a need for reliable partners who are easy to work with, those who do not miss the details of small business. How he makes decisions: product availability, proximity to points of sale, timely delivery. Reference: “Project Life Cycle example”, https://phron.org/project-life-cycle-example/
Daniel – The Distributor, Male 47. Focused on customers. There is a need for a quick response, as well as reliable and simple processes. How he makes decisions: product availability, financial management are critical for him. Digital perspectives pose a potential risk to the distribution market and need continuous improvement.
Channels – distribution, direct approach to ending customers
Added value for the customer
- Innovative features (smart)
- Financial justification:
- Current financial situation;
- Cost control;
Customer relationships: how to attract them – through advertising; how to keep them – through special contractual relations and promotions; how to help them grow – through development programs – medium or long term
Way of communication
Start and end date;
Possibility for deviation and penalties
Product prototype design
Development of concepts that are analyzed and the direction of development is determined. The next step is the selection and development of several selected conceptual options. Reference: “Full project lifecycle – detailed real example with explanations for Project Managers”, https://securityinformationeventmanagement.com/full-project-lifecycle-detailed-real-example-with-explanations-for-project-managers/
Project design – Choice of variant – it is good to reduce to two variants of product design so that when testing it is possible to compare and choose the better one.
Technical work on the creation
At this stage, the following characteristics must be taken into account, which is required when considering the construction of the prototype. At this stage, it is possible to need experts in various fields to help complete the various parts of the innovative washing machine, as well as to participate in the next step – product testing.
It is recommended to be hired for this phase of the Product application engineer project.
Detailed development of main areas, components, and elements that form the overall design. The final development of the design, specification of its technical characteristics, and, if necessary, changes and testing. If necessary, this stage can be repeated.
Development and production
At this stage, the directions in research and development should be described. How and where the product will be produced and quality control, need a patent. At this step, you need to determine where the product will be created – at the manufacturer, outsourcing company, or others. Concerning the various functions – if the product will not be entirely created by the manufacturer – taking action to organize meetings with production facilities that can meet customer requirements.
Delivery of the product to the end customer
Method of delivery – conducting negotiations with different suppliers – according to location and geographical landmark for sale – whether diffuse or nationally oriented. Choosing a “GO TO Market” strategy – whether it will be distributed and kept in stock at large manufacturers or direct sales.
Marketing activities – at this stage it is necessary to present how the product will be sold in different market segments according to the financial opportunities: whether through digital Marketing, by preparing a contract for special prices – as determined by the “Go to Market” strategy – ie according to the different type of customers to whom the goods will be sold; promotions or another marketing approach (billboards, banners, TV commercials, etc.).
Identification of risks
At this stage, they must categorize and describe the main risks facing the project. Reference: “Risk Management in Project Management practices”, https://brightonbot.com/risk-management-in-project-management-practices/
Summary and conclusion – Summary of the key stages of the project and development of a schedule for future development. Control and monitor after the project completion.