Question: Product may be an idea, a physical entity or a service or any combination of the three. a. Every product has limited life span. Infact,

"Product may be an idea, a physical entity or a service or any combination of the three."

a. Every product has limited life span. Infact, to remain static, the organisation must continuously develop new products and manage them effectively through their life cycles. Based on the same, find out the different stages of Product Life Cycle in relationship with production system. (5 Marks)

b. A product is more than a tangible thing. A product meets the needs of a consumer and in addition to tangible value, this product also has an abstract value. Considering the same bring about the steps that are involved in the product development process with the help of suitable example (5 Marks)

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