In this assignment, we will take a deeper look into the product/process innovation within a supply chain. How can you describe the differences between new product design and development projects vs new process design and development projects?Briefly describe the product life cycle. Then, identify and describe a product’s transition from the launch, growth stage, maturity, and the subsequent decline. Research the internet to find such products. Two references are required. (Hint: think of Apple’s iPod, 78 LP records, 8 track tapes, cassette tapes, DVDs, streaming video, etc.)What can an organization do to extend the product life cycle of a product that is reaching the maturity phase?Focus on one positive aspect and one negative aspect of Co-developmentprocedures. Explain and support your position.Requirements:Prepare a title page.The first page of your paper should include the paper’s title.Use appropriate Level 1 and Level 2 headings to indicate your topic.Use APA formatting throughout your paper.No Abstract statement is required.A References page is required. Cite the textbook and at least 3 additional sources.Double-space your entire paper; use Times New Roman font size 12.Your paper should include a minimum of 3 pages or a maximum of 5 pages. Page count does not include the title page and References page.