Product Life Cycle

Product lifecycle is the name for the stages that a product goes through from the time it is first made and put on the market until it is taken off the market or replaced. Usually, a product’s lifecycle has several stages, and each stage has its own unique traits and challenges. For product management and marketing to work well, you need to know about the product’s lifecycle.

Usually, a product goes through the following stages:

Development

This is the stage where the product is thought up, designed, and made. In this stage, you do research, make prototypes, test them, and make improvements.

Introduction

In this stage, the product is put on the market. This stage involves getting the word out about the product, getting customers interested in it, and building a network for getting the product to customers.

Growth

This is when the product starts to catch on in the market and bring in money. During this stage, businesses usually work to expand their reach, increase their production capacity, and build customer loyalty.

Maturity

This is the stage when sales and market share are at their highest. During this stage, there is more competition, pressure on prices, and the need to keep market share.

Decline

In this stage, sales of the product start to go down. Usually, this stage is marked by more competition, pressure on prices, and the need to cut costs.

Retirement

This is the stage when the product is taken off the market. During this stage, the product’s end-of-life is managed. This includes selling off stock, handling warranties, and stopping production.

Product managers and marketers can come up with the best ways to use the product’s full potential at each stage of its lifecycle if they understand the product’s lifecycle. This can include making new features or versions of products, changing prices and marketing plans, and getting rid of products at the right time to make the most money.