CORNERSTONE ACTIVE LIFECYCLE PHASE

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Cornerstone

|Product LifeCycle Planning Framework - Cornerstone Active LifeCycle Phase

Cornerstone LifeCycle position are products and services that reside in your portfolio (i.e. Legacy Products) which may not have been subjected to a formal planning process and are possibly being managed in an ad-hoc way.

The primary objective of this phase is to ‘manage’ all aspects of the product / service as it moves through its virtual lifecycle, which in some cases can last for many years. The business planning activity ensures that short, medium and long term product objectives and strategies are achieved as previously planned and expected with deviations managed appropriately from both internal and external perspectives. A regular review of the business plan (situational analysis) will ensure a proactive management stance where early opportunities are spotted and any problems or risks appropriately dealt with in plenty of time.

As the product moves progressively through its own lifecycle the Product Manager should be constantly looking to maintain a competitive advantage (product differentiation). Various methods can be used to achieve this objective, however, changing or enhancing the product becomes more appropriate as time progresses. Ideas from the ‘Innovation Management Phase' may satisfy this requirement or least may focus genuine possibilities. Mandatory changes to the product will be handled by the FastTrack, process and overseen by the Company ‘StageGate™ and/or other development process’.

The business plan and related process elements ensures that all functional areas of the business are represented in a timely and proactive manner. The format also enables the Product Manager to manage with a degree of authority the multi-disciplinary team by a process of functional objectives and associated strategies.

In common with all previous phases a situational analysis study (a continuous review of the market environment) followed by a strategic review of business opportunities continues throughout the Active LifeCycle phase with any deviations (from previous expectations) recorded and appropriately reported.