Certified Supply Chain Professional (CSCP) Practice Exam

What are the main phases of product lifecycle management?

1. Design, Implement, Monitor

2. Launch, Manage, Retire

3. Validate, Market, Sell

4. Develop, Execute, Conclude

The correct answer is: Launch, Manage, Retire

The main phases of product lifecycle management encompass the stages that a product goes through from its initial conception to its eventual removal from the market. This approach ensures that products are effectively managed throughout their lifecycle, maximizing their value and performance. The correct answer reflects the key phases: Launch, Manage, and Retire. 1. **Launch**: This initial phase involves bringing the product to market. It includes activities like market research, product design, marketing strategy development, and setting up production. The successful launch is crucial for introducing the product to customers and establishing its presence within the market. 2. **Manage**: Following the launch, the management phase encompasses ongoing activities related to the monitoring and enhancement of the product's performance. This includes gathering customer feedback, modifying marketing strategies, updating features based on user input, and managing supply chain logistics. The goal during this phase is to maximize the product's profitability and maintain its market position. 3. **Retire**: This final phase occurs when the product reaches the end of its lifecycle. Factors contributing to this decision may include declining sales, obsolescence, or the introduction of superior alternatives. Effective management during this phase involves transitioning customers to new products and ensuring that the withdrawal from the market is smooth and minimizes