Product Life Cycle

Understanding product life cycle and product strategy help us get the best out of market and products. 

Development : This is the stage where the product is conceptualized and development activities starts keep look forward for quick entry into the market to show the key differentiators. During this stage of product life cycle, product strategy should focus on product feasibility, viability and business benefits.

Introduction : In this stage of product life cycle, the product is introduced to market for the early adapters to experience the product and it’s key functionalities and innovative features. Product strategy during this stage focus on ensuring the product to achieve product-market fit, cross the chasm and focus on product differentiators.

Growth : This is an important stage in the product life cycle, where the product gets rapidly accepted and sales/profits increase. Early majority play a major role in adapting the products / service resulting in demand and growth. During this stage, the product strategy focus on performance functionalities, new features, and beat the competition in the market. 

Maturity : During the maturity stage of product life cycle, the product functionalities gets matured and there is little or no new functionality development,  most of the users are aware of this product and don’t notice major innovation in the product. Product just attracts the late majority thus the product strategy focus on milking the product, introduce new product and services, thus increasing the sales and profit. 

Decline : This is last stage of product life cycle, the product / service sales starts to decline. Most of the time decline is because the product becomes obsolete in market or new product has changed the customers focus.  Thus the product strategy should be to reduce cost and milk profit as long as possible and plan for a new product.