| Leading-edge
companies proactively plan, evaluate and decide
when to retire a single product or a product
line. Best practices include: |
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Creating
a product lifecycle plan as part of the overall
business plan. |
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Conducting
product lifecycle analysis to determine if products
are in the growth, maturity or declining part of
the lifecycle.. |
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Scheduling
formal lifecycle reviews. |
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Deciding
to retire a product when profits fall below the
minimum requirements. Proactively communicating
with key customers, suppliers and partners to advise
them of alternative solutions. |
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