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How does understanding the Product Management Cycle help in undertaking effective product management

How does understanding the Product Management Cycle help in undertaking effective product management

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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1. How does understanding the Product Management Cycle help in undertaking effective product management?

2. During the product development phase which are the departments involved and why

does the product undergo changes in specifications and functionality?

3. Please explain in what ways the product management group can provide support to

increase sales and profitability of a product?

4. How do you think feedback about the product can be taken from the customer? Once this feedback is taken what process will we follow to decide what feedback needs to be considered and what not?

5. Why is test marketing done and what are the benefits for the company?

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