Every program, project, or product has certain phases of development. A clear understanding of these phases permits managers and executives to better control total corporate resources in the achievement of desired goals. The phases of development are known as life-cycle phases. However, the breakdown and terminology of these phases differ, depending on whether we are discussing products or projects.
During the past few years, there has been at least partial agreement about the life-cycle phases of a product. They include:
• Research and development
• Market introduction
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