Things and ideas are alive; they come to life and die as humans do. Their lives are stories – some are straightforward and ordinary to the point of being boring, some are full of ups and downs, abrupt twists, and breathtaking moments. If we put aside romanticism and look behind the veil of the metaphors, we will see a definite scheme, a step-by-step outline. Every life, be it Einstein, a kindergarten hamster, or a revolutionary gadget passes similar life cycle milestones: conception, birth, life, and death. The same scheme works for products, hardware and software. Let’s explore each stage and examine what happens along a product’s life cycle.
Product Development Life Cycle in a Nutshell
1 Product Development Life Cycle in a Nutshell
2 Milestones of a Product’s Life Path
2.1 New Product Development Stage
2.2 Classic View on the Product Life Cycle Stages
2.2.1 The Introductory Stage
2.2.2 The Growth Stage
2.2.3 The Maturity Stage
2.2.4 The Decline Stage
2.3 Product’s Afterlife Scenarios
2.3.1 1. Gradual or immediate death
2.3.2 2. Hereditary through transformation
2.3.3 3. Inspiration (positive or negative)
2.3.4 4. Relic
2.3.5 5. Resurrection
2.4 Guidelines to Spot a Product’s Life Phase
3 Product development life cycle overview
4 Factors to Disrupt a Smooth Life Cycle
4.1 Scientific discoveries and technological advances
4.2 Values shift
4.3 Shift in fashion
4.4 The emergence of competitive substitutes
4.5 Political reasons
4.6 Economic stability
4.7 Natural disasters
5 Real-Life Product Life Cycles
5.1 Several Decades of the Pager’s Life
5.2 Success Swings of Dr. Martens Boots
To define what, when, and why happens to a product, marketers and executives came up with a concept of a product development life cycle (PDLC). In brief, the product development life cycle is a series of consecutive stages that a product passes through. Usually, the entire path is broken into four periods – introduction, growth, maturity, and decline. To make the cycle more complete and coherent, we suggest adding a development stage and a product’s afterlife period.
Each stage is characterized by specific indicators, such as sales and profit, the level of customers’ engagement and brand recognition, the intensity of competition, and the number of rivals. At each stage, different departments take the burden of the highest responsibility, decision makers focus on various aspects of a product, and marketers come up with diverse promotion strategies.
As the context in which a product functions differs throughout its life cycle, the business activities must be adjusted to the current requirements. Otherwise, a product may fail to outlive the competition and hold its niche. For this reason, decision makers and heads of department must review the strategy and make requirements analysis iteratively, to make sure they are up to date with the context. Besides, each stage offers opportunities and imposes challenges – some factors are beneficial while others are unfavorable or even harmful, and marketers have to deal with them, adapt quickly, and adjust the product.
Even if the scheme, be it hardware or software development life cycle, proves to be working, it is more of an ideal outline rather than a guaranteed forecast of what will happen to your product. Products may persist at the maturity stage and never move to the decline, or they may skip certain steps – for instance, drop abruptly from the growth stage into oblivion. Besides, a life cycle does not have any time frames; some products may pass all the stages in a year while others take several decades.
You may start wondering what the point of a PDLC if it is not always identical, if you can’t predict the duration of stages, if the unforeseen factors may intrude and mess up your product’s expected path. The answer is simple: a product development life cycle is a guideline for your business, a scheme to consider.
When you understand what you can expect and how your product should mature, it will be easier for you to spot and deal with emergencies. On launching a product, you may consider the ideal scheme and try to prepare for the potential pitfalls that could await your product at each stage. For sure, long-term planning rarely covers all the possible threats and predicts all the success points, but it is better to keep several scenarios in your head. However, the mere knowledge of the stages has little value – you should apply it in your marketing strategies, price policy, and day-to-day tactics. Not being a rigid frame, a product development life cycle leaves you space to adjust it to the context and the niche you work within. Critical thinking should always be critical.
Milestones of a Product’s Life Path
Usually, a product life cycle is divided into four discrete stages:
- The introductory stage when the product enters the market
- The growth stage when it establishes its position and brings the most profit
- The maturity stage when it stabilizes in the market and has the highest sales volumes
- The decline stage
However, before a product appears in the market, it inevitably goes through a period of conceptual elaboration and engineering. Hence, the development stage should not be excluded from the life cycle. Besides, the decline stage also leads to several diverse scenarios, as not all the products exit the market through the same door. We will refer to this period as the afterlife stage. After adding two extra steps, the classic image of the product life cycle expands and starts to resemble the drawing of Exupéry’s hat from The Little Prince.
Each of these phases has vital characteristics and indicators for evaluation, a clear purpose, several connected goals to achieve, exit criteria, and conditions for the transition to the next stage. However, the transition from phase to phase does not occur overnight and does not have a distinct milestone to identify the end of one stage and the beginning of the next. Even though the borders separating phases are blurry, a general overview of each period will come in handy for an understanding of the path each product completes.
New Product Development Stage
The development stage is a period between the emergence of the idea and the introduction of the product to the public. Compared to human life, it is like the evolution of a fetus – from conception to birth. For a new product, it is the most stressful and resource-demanding period.First of all, you need a competitive and realistic idea to embody in your product.
At Railsware, we’ve developed a flexible frameworkBRIDGeS that helps investigate product-related context, identify hidden risks and opportunities, test the feasibility of your product idea, and set up an actionable development plan for the MVP.
When your product vision is crystal clear, you can proceed to theengineering stage. The process of new product development is complex and multi-sided, and requires an in-depth, step-by-step overview.
Even when all the best practices of Agile are applied, the development stage is exposed to sudden failures and insuperable pitfalls. Together with the intro stage, it is the most dangerous and hard to pass one.
Classic View on the Product Life Cycle Stages
When you are ready to show the results of your work, the main part of the product life cycle begins. Usually, it follows an S-shape curve, pictured in the graph below.
The Introductory Stage
The first time your product appears in the market marks the beginning of the introductory stage, also known as a market development period. At this time, you are about to:
- build the brand and acquire product acceptance through promotion.
- build a base of customers – aim at innovators and early adopters who would serve as your key endorsers.
- establish your distribution tactics – it may be selective, aimed at a specific niche, or flooding, offering trials, samples, and discounts.
- decide on the price – it may be higher to cover the initial expenses or lower to gain the market share.
- take care of intellectual property rights.
The duration of the stage heavily depends on the product itself. The key to success is the demand. The higher the need for your product is, the faster it will transition from the introductory stage to the growth stage. You can have a fantastic and working idea, but if no one needs your product, you are in trouble. For instance, if you develop an effective medicine for HIV, it will immediately rocket to the growth stage and conquer the market. However, if your product is another weight-loss pill, it has a long way ahead and may never make it at all. If your product is familiar and straightforward, it will be easier to spread it to the masses, but it is likely to face more competition. On the other hand, if you have a complex, utterly novel product that is not entirely intuitive and requires some additional skills, it will take more time to proliferate in the market. Hence, before you launch your product, make sure that there is a demand for it, or that your marketing department is capable of creating one.
The introductory stage is the riskiest one as the hazards are not always obvious and could kill the product at the very beginning. Besides, at this phase, be ready to deal with:
- low profits as the number of your customers is small.
- slow sales and gradual development of the client base.
- little or no competition if you are the first to take the niche.
- high budget for marketing and promotion.
- time-consuming education of the customers.
The Growth Stage
If everything goes well, after the initial introduction, a product starts gaining users and bringing profit. The growth stage is the time when you obtain the most profit. It is likely to increase rapidly and reach its peak before the maturity stage. During this period, you already have a customer base, your brand awareness expands, new customers join your network, and the demand multiplies. Even if your product is not expensive, the boom in sales and the active flow of new clients bring you high profits.
At the growth stage, you need to:
- provide a product of high, stable quality so that your new clients get what they expect.
- stick to a stable price policy.
- continue investing in marketing to reinforce your brand message and make your users loyal.
- think of the most efficient distribution channels to guarantee product availability.
- add new features and improve the design to expand the presence on the market.
Even though the competition is still low, the first rivals appear. They watched your success, and may offer almost the same product as you do, but slightly different – for instance, use other materials, change the design, etc. That is why, at the growth stage, you need to make your brand distinguished and gain the loyalty of customers, especially those who would endorse your product. By the end of this phase, the number of competitors grows, and you face the need to protect and hold your position.
The Maturity Stage
After rapid growth, a product is likely to enter a phase of steady existence. The maturity stage is also known as the phase of stabilization and saturation. This is the time when your sales hit peak – the majority of your potential clients get your product, and it leads to market saturation. It means that you have to come up with new offers to compete with rivals. Those of your competitors that entered the market at your growth stage have now reached their own. And while you are thinking about how to keep your position and hold the market share, they enjoy the growth phase, benefiting from your niche.
In order not to lose what you have achieved, at the maturity stage, you should:
- enhance features to distinguish your product from competitors.
- think of improvements to offer something stunning that has not yet come to the minds of your rivals.
- explore new markets and expand the distribution networks to gain more customers.
- lower prices to maintain the client base and prevent them from switching to competitors.
- allocate your resources to marketing.
The price drop is almost inevitable. Even if you do not have any strong competitors, your customer base is already saturated, and it will not bring you as much profit as it did before. To prevent profit from dropping, you need new users and new niches.
The maturity stage does not have a definite time frame: it may last for decades. Some products remain at this phase as there are no reasonable substitutes (beer, steel, etc.); some, as they have achieved the status of a classic, even cult item (Converse shoes). If your product does not have such a promising potential, there is not that much you can do to prolong the maturity stage. The only thing to prolong the life cycle and prevent your product from falling into oblivion is to create conditions for more frequent and varied use of the product.
The Decline Stage
Sooner or later, the maturity stage ends with the decline. It is not going to happen at the click of a finger, but, eventually, you will notice a steady, gradual decrease in your sales and profits. Usual marketing tricks and technical improvements will not help – they may only slow down the decline.
At this phase, you need to have the guts to:
- deal with the competition that escalates.
- lose your customers to a newer, better alternative product.
- drop down the prices as low as possible to maintain your client base.
- work on an alternative product, the one to substitute the current product but transformed and improved in a way to be competitive and attractive.
- radically change the target audience in the hope of reviving the interest.
Even after doing your best and jumping over the head, your product may not be among those capable of surviving the competition. In such a case, to stop production and discontinue the product could be the best choice.
Product’s Afterlife Scenarios
Often the decline stage means a slow death of a product and its dive into oblivion. However, occasionally, the end of the life cycle is not as pathetic and doomed. Let’s cover several possible scenarios a product could take a role in after its life is over.
1. Gradual or immediate death
Some products no longer have any use. They have performed their function and are completely outdated. Harsh competition, improvement of technology, new scientific discoveries, a shift in values, and plenty of other reasons may make a product useless and not in demand.
For a manufacturer, it means that there is no reason to struggle, and it is wiser to give up than to go on. In the worst case, a product proves to be dangerous or harmful. It should be withdrawn from the market immediately and destroyed to protect users.
2. Hereditary through transformation
A product may be useless as it is at the time of decline, but, with certain transformations, it could come back to life. In such cases, manufacturers take a dying product as a base and enhance it with more up-to-date materials, change the design, make it in line with customers’ expectations, and coherent with trendy values. Thus, it is no longer an old version of the product, but serves as a base for a new one, transmits its genes, and enables the emergence of the next generation.
3. Inspiration (positive or negative)
The most honorable outcome for a product is to become an inspiration for a new one. Inspiration is always a part of the hereditary process, but it can also be a separate case – for instance, when a gone product serves as a muse for products in different industries.
However, inspiration does not necessarily have to be positive. A product may serve as a warning, inspire manufacturers to do everything totally differently, and stop them from incorporating the product’s flaws – design, materials, technology, etc.
When a product is no longer available in the market, it may become a relic, a valuable item for collectors, museums, etc. It may serve as a nostalgic marker of a cultural epoch, phenomenon or event, or be used in movies or art installations. From an economic point of view, it does not bring any profit to its manufacturer, but, as an object, it may continue its life cycle.
Long gone and forgotten products may revive, come back from oblivion, and start their life cycle all over again. Usually, they are modernized and brought into accordance with the up-to-date customer requirements and values. Resurrection differs from the hereditary stage in terms of time: hereditary is smooth, sequential in time, following the initial product, while resurrection means the revival of a product that left the market years or decades ago.
Guidelines to Spot a Product’s Life Phase
In the table below, we aggregated all the basics regarding each stage. Keep in mind that, depending on the product, they may vary. Also, in the table, there is no afterlife stage as the scenarios are way too unique and specific in each case.
Product development life cycle overview
|Product's evolution||Initial idea|
First items for sell
|Initial working product||Perfection of the features to build up a solid product image||Additional features and supplementary products to distinguish from competitors||Major product transformation or a complete redesign|
|Customers||None||Innovators||Early adopters||Mass market||Loyal users|
|Marketing strategy||Market research |
Reinforcement of the brand message
Fight for the customers
|Keeping the loyal (e.g. with discounts, new offers)|
|Purpose||Creation of valuable, working product||Building demand and customer base|
|Gaining market share and establishing positions|
Reduction of manufacturing cost
|Maitainance the market share|
Outliving the competition
|Exiting the game with dignity|
|Exit criteria||The product is ready to enter the market||The profit and sales levels start to grow rapidly||The profit level stabilizes||The profit and sales levels start to decline||The product is no longer economically viable|
|Benefits||Opportunity to create its own niche and demand for the product||Almost no competition|
High price and growing profit
|Lower production costs|
Higher consumer awareness
|Further reduction of the production costs||Cheap production|
Opening new markets
|Challenges||High resource demand (time, effort, money)||No market and low sales|
First products are expensive
Need to lower prices
Need to think of product improvements and new markets
|Low profit and sales |
Need to withdraw the product
Factors to Disrupt a Smooth Life Cycle
The stages discussed above mirror milestones a product passes through on its life cycle. Their duration is hard to predict, and the borders between phases are blurry. Besides, at any stage, a set of unexpected factors may emerge and affect a product’s life cycle. Usually, these issues are out of manufacturers’ control and, for this reason, they are of great danger.
The factors to intrude into a product life cycle are endless, and we will list only a few of them:
Scientific discoveries and technological advances
Scientists could make a sudden discovery considering, for instance, the material you use in production. Similar to the Teflon case, the findings may point to the harmful effects of the material, underlining the toxicity of your product.
Social movements and views influence the mass market and impose requirements on consumer goods. The trend for eco-products emerged from the postulates of social activists. The views proclaimed and incorporated by an average consumer require your product to adjust.
Shift in fashion
What is fashionable and demanded today may fall into oblivion or become a theme for mockery tomorrow. If you are not an innovator, the risk your product will be regarded as unfashionable grows.
The emergence of competitive substitutes
A cheaper, better designed, more convenient, and generally more appealing alternative to your product may appear out of the blue and attract the attention of your customers, stealing your market share.
Deterioration of the relationship between countries may lead to a decline in the trade or even to its termination. If your product is targeted at foreign markets, you may lose the majority of your customers.
An economic crisis may cause impoverishment and affect the buying capacity of customers. If only a small part of your initial customer base can afford your product, you need to think of alternative niches, cheaper production methods, and other ways to keep your product affordable and demanded.
A hurricane or flood may destroy your production capacities, leaving you without the means of production. In such a case, the price for your product would rocket, and you may lose your potential customers.
It not always the case that these factors have a negative impact on the product. For instance, a sudden break up of the political relationship between two countries may remove a foreign product from the market and give the green light to a local substitute. In such a way, a product may teleport from the introduction stage directly to maturity, almost skipping the growth stage.
Real-Life Product Life Cycles
The theoretical part above may sound unfounded. To eliminate this impression, let’s consider two real-life examples of one product that passed all the stages of the life cycle and another product that stayed at the maturity stage.
Several Decades of the Pager’s Life
Before the epoch of mobile and smartphones, pagers (or beepers) were on the list of necessities of everyone who considered themselves a businessman. The device was handy and simple to use – anyone with your number could reach you, you got their message, and the connection between you two was stable. Pagers had no excessive functions and served one purpose.
The introduction of the pager can be tracked back to 1949 when the system itself was patented. In the 1950-70s, the technology went through the introductory phase – in 1958, it was approved for public use. In the 1960s, the first pagers, such as Bellboy and Pageboy I by Motorola, appeared. At that time, pagers were used by emergency services that had to stay in touch and react immediately when needed. Hence, for approximately two decades, the target audience of pagers was represented by the police, firefighters, and doctors.
In the 1980s, pagers entered the growth stage. The initial years of the decade brought 3.2 million users worldwide. After ten years, this figure was over 22 million, and by 1994 it increased to over 61 million. Hence, in the mid-90s, the maturity stage began for pagers. It lasted until the beginning of the 2000s when mobile phones became cheap and affordable. Given the limited functionality of pagers, they had no chance of surviving the competition with mobile phones. It was the beginning of the decline stage.
In 2001, Motorola stopped the production of pagers. It didn’t mean the industry was completely dead, but it marked a rapid decrease in sales and industry profits. Two decades later, though pagers are no longer used in daily routines, they still remain in the market. After all these years, their target audience shrunk back to those working for emergency services. As pagers do not depend on Wi-Fi and cellular networks, they are more reliable in transmitting messages under the conditions of low or even no other signal but satellite. Thus, for pagers, the decline stage may last for several more decades.
Success Swings of Dr. Martens Boots
The image of massive, somewhat brutish Dr. Martens boots is timeless. Established in 1947 in Munich, the footwear brand was popular with workers, rock stars, young rebels, and ordinary citizens for over 70 years.
The introductory phase took Dr. Martens 5 years. During the initial years of production, the shoes were most popular with men working in construction. But, in 1952, the growth stage began as the sales started to increase rapidly: the boots got popular with workers, the police, mail carriers – all those who needed comfy shoes for the entire working day. By 1959, the growth intensified as the British manufacturer bought the patent, and the brand went international.
In the 1960-90s, Dr. Martens boots were consecutively adopted by various subcultures: in the 60s, by British skinheads; in the late 70s-80s, by punks, goths, and football hooligans; in the 90s, by grunge lovers. During the 1990s, stable demand and customer base guided the brand into the maturity stage. In the last years of the decade, the brand was producing over 10 million pairs of boots per year, with annual revenue of $412 million.
However, in the 2000s, rock music made way for hip-hop culture, and the sales of Dr. Martens dropped dramatically. By the mid-2000s, the production shrunk to 5 million pairs, the revenue fell to $127 million, putting the manufacturer on the edge of bankruptcy. To get out of the decline phase, the brand moved production from the UK to Asia, closed several stores and factories, and cut the number of employees.
Aside from the restructuring, Dr. Martens undertook other actions to stay afloat:
- redesigned and widened the range of models and colors, offering over 450 styles today.
- introduced a clothing line in 2011.
- introduced “vegan” shoes to stay in line with the trend of eco-friendliness.
- collaborated with designers (e.g., Marc Jacobs), featured the boots in fashion shows of Yohji Yamamoto and Chloé.
- presented boots to young rock stars (such as Avril Lavigne in the mid-2000s).
In 2012, Dr. Martens was back in the game again, named the 8th fastest-growing British company. In 2018, the firm produced 10 million pairs of boots. After 20 years of decline and struggle, Dr. Martens climbed back to the peak. And, in 2019, its annual revenue was $582 million, taking the brand back to the maturity stage.
The 70-year history of Dr. Martens shows how wise management and targeting may keep the brand from death and even rocket the sales again. Fashion swings, cultural shifts in music and counterculture, economic challenges of the production contributed to the hardship of the manufacturer. Together with the brand, its most notable and iconic model – the 1460 AirWair boot – went through all the stages of a product’s typical life cycle. Created on April 1st, 1960, this pair of boots is still on the shelves of the Dr. Martens stores. And, sixty years later, they were picked as one of the icons of British design.
The product life cycle, with all its stages, characteristics, benefits, and challenges, is a helpful conceptual frame. It gives relief and makes the unknown comprehensible. As a developer, producer, manufacturer, you can scheme it and relax. Although you can’t predict exactly what will happen to your creation, you have an outline of how things should go in the ideal scenario. You may plan beforehand your marketing strategies for the maturity and decline stages, think of the hazards and risk factors that may intervene in the cycle, and come up with a plan B.
There are zero guarantees that your product will go from stage to stage, fulfilling all the expectations and following the prescribed changes in indicators. But, like any other conceptual frame, the product life cycle is there for you to create a sense of control over the process. It costs you nothing to apply it while dreaming of your product’s future. And, perhaps, it will serve you as a shield from the unexpected.
The product life cycle is the progression of a product through 5 distinct stages—development, introduction, growth, maturity, and decline.What are product development cycles? ›
Product development life cycle (PDLC) or product development cycle, is a way to describe all the stages a product goes through. This cycle is often broken into four or five stages: (new product development), introduction, growth, maturity, and decline.Which are the 4 stages of product life cycle? ›
What is the Product Life Cycle? The product life cycle involves the stages through which a product goes from the time it is introduced in the market till it leaves the market. A product life cycle consists of four stages: introduction, growth, maturity, and decline.What is product life cycle diagram? ›
The product life cycle concept indicates that the product is born or introduced, grows, attains maturity and the point of saturation in that market and then sooner or later it is bound to enter its declining stage e.g., decay in its sales (history). This life cycle of a product is depicted below: Note: 1.What is product life cycle strategy? ›
The product life cycle contains four distinct stages: introduction, growth, maturity and decline. Each stage is associated with changes in the product's marketing position. You can use various marketing strategies in each stage to try to prolong the life cycle of your products.What is product development strategy? ›
Product development strategy refers to the methods and actions used to bring new products to a market or modify existing products to create new business. Developing a product has several steps, from producing an idea of distributing products to customers.What is new product development process? ›
New product development (NPD) is a process of taking a product or service from conception to market. The process sets out a series of stages that new products typically go through, beginning with ideation and concept generation, and ending with the product's introduction to the market.What is product development example? ›
Following are some common examples of product development. Packing wheat flour in retail bags for household consumption. Packing cooking oil in retail pouches for household consumption. Converting land line phones into wireless handsets for easy portability and full-time access to communication.Why is product development lifecycle important? ›
Understanding and using the product development life cycle helps teams execute more agile product development, which is increasingly important in an ever-changing economy. Teams can visualize their work, mapping it to different development stages along the way.What is the purpose of product life cycle? ›
The product life-cycle is a tool used to determine the strategies that will be used at any stage in a product's development for sales and marketing purposes. It has four distinct stages; market introduction, growth, maturity and saturation and decline.
The 4 stages of product development are as follows – R&D, Growth, Maturation, and Decline. These may be difficult to map out correctly, but over time when you scale a product you can get a better idea about the stage, it's in.What is process life cycle? ›
The stages that a physical process or a management system goes through as it proceeds from birth to death. These stages include conception, design, deployment, acquisition, operation, maintenance, decommissioning, and disposal.What is a life life cycle? ›
life cycle, in biology, the series of changes that the members of a species undergo as they pass from the beginning of a given developmental stage to the inception of that same developmental stage in a subsequent generation.What are examples of product life cycle? ›
Here are a few product life cycle examples: The home entertainment industry is filled with examples at every stage of the product life cycle. For example, videocassettes are gone from the shelves. DVDs are in the decline stage, and flat-screen smart TVs are in the mature phase.What is introduction in product life cycle? ›
The introduction stage is when a product is first launched in the marketplace. This is when marketing teams begin building product awareness and reaching out to potential customers. Typically, when a product is introduced, sales are low and demand builds slowly.Who created the product life cycle? ›
Raymond Vernon, a Harvard Business School professor, developed the product life cycle theory in the 1960s. The theory, originating in the field of marketing, stated that a product life cycle has three distinct stages: (1) new product, (2) maturing product, and (3) standardized product.What is maturity stage? ›
maturity stage. Definition English: Longest period in the life cycle of a firm, industry, or product, during which sales peak and start to decline. In economics, the final stage of economic growth characterized by high level of mass consumption.How does product life cycle affect marketing? ›
The goal of product lifecycle marketing is not to match the curve but to outline what may work best now and plan for the future. Skilled product marketers shape the curve: speeding through the Introduction, increasing the slope of the Growth phase, extending the length of Maturity, and easing the pace of the Decline.What is Coca Cola's product life cycle? ›
PLC has 4 stages which include; Introduction stage. Growth stage. Maturity stage.What are the benefits of product development? ›
Benefits of development
sell more to existing customers (making the most of existing relationships is cheaper than finding new customers) spread fixed costs like premises or machinery across a range of products. diversify the products you offer so you're less reliant on certain customers or markets.
- Market viability.
- Product roadmap problems.
- Workflow management.
- Product engineering issues.
- Pricing policy.
- The pace of innovation.
(See “The Processing Network Model.”) The network model shows that five departments contribute to the product development effort: engineering, marketing, technical services, specifications, and manufacturing engineering. Each department is responsible for several activities.How can you improve product development? ›
- Size the opportunity, not the market. ...
- Kill a few new ideas. ...
- Find the pain points. ...
- Price for customers. ...
- Get customers involved early. ...
- Dedicate a team to the job (and empower them to do great work) ...
- Consider life after launch.
A product life cycle is the length of time from a product first being introduced to consumers until it is removed from the market. A product's life cycle is usually broken down into four stages; introduction, growth, maturity, and decline.What is the objective of product development? ›
Immediate objective of a product development programme is the work for the immediate satisfaction of consumers' wants, utilization of available resources viz., material, labour and equipment, sales generation and to explore for further improvement in the produce design and its utility.What are the types of product development? ›
Types of Product Developments
New product developments can be grouped into four major categories: new-to-the-company, improvement of existing product, extension of product line, and new-to-the-market.
- monitoring and control.
life cycle, in biology, the series of changes that the members of a species undergo as they pass from the beginning of a given developmental stage to the inception of that same developmental stage in a subsequent generation.What are examples of product life cycle? ›
Here are a few product life cycle examples: The home entertainment industry is filled with examples at every stage of the product life cycle. For example, videocassettes are gone from the shelves. DVDs are in the decline stage, and flat-screen smart TVs are in the mature phase.Which is the first stage of the product life cycle? ›
There are four stages in a product's life cycle—introduction, growth, maturity, and decline.
A 2017 report published by the Harvard Business Review divides project manager personalities into four different types—executor, prophet, expert, and gambler . Knowing how you or other project managers operate can be useful in discerning what kind of project management style is best for the situation.What are project stages? ›
This project management process generally includes four phases: initiating, planning, executing, and closing. Some may also include a fifth “monitoring and controlling” phase between the executing and closing stages. By following each step, a project team increases the chance of achieving its goals.What is the Gantt chart? ›
A Gantt chart is a project management tool that illustrates a project plan. It typically includes two sections: the left side outlines a list of tasks, while the right side has a timeline with schedule bars that visualize work.Why is life cycle important? ›
A life cycle approach can help us make choices. It implies that everyone in the whole chain of a product's life cycle, from cradle to grave, has a responsibility and a role to play, taking into account all the relevant impacts on the economy, the environment and the society.Why is it called a life cycle? ›
A life cycle is a series of stages a living thing goes through during its life. All plants and animals go through life cycles. It is helpful to use diagrams to show the stages, which often include starting as a seed, egg, or live birth, then growing up and reproducing. Life cycles repeat again and again.What is life cycle marketing? ›
Definition. Lifecycle marketing is the process of guiding potential customers through stages in the customer journey. Lifecycle marketing is meant to tailor messages based on the current stage of the customer and meet the needs they have to move them to the next stage.What is introduction in product life cycle? ›
The introduction stage of a product's life cycle is the time to build awareness of your product or service in certain markets.What is new product development process? ›
New product development (NPD) is a process of taking a product or service from conception to market. The process sets out a series of stages that new products typically go through, beginning with ideation and concept generation, and ending with the product's introduction to the market.What is short product life cycle? ›
ABSTRACT Many high-technology products are characterized by a “short” product life cycle (PLC)—a short life on the market, a steep decline stage and the lack of a maturity stage.What is maturity stage? ›
maturity stage. Definition English: Longest period in the life cycle of a firm, industry, or product, during which sales peak and start to decline. In economics, the final stage of economic growth characterized by high level of mass consumption.
the final stage of the product life cycle (after introductory stage, growth stage and maturity stage) when sales are dropping because the original need and want have diminished or because another product innovation has been introduced.Why is introduction stage important? ›
Definition: Introduction stage is the first stage in the product life cycle. The highlighting factor of this stage is that the product is new in the market, sales are slow and to push it higher the company has to incur heavy expenditure on advertisement to make it appealing to customers.