Stages of Product Life Cycle

Product lifecycle explained
Product lifecycle Infographic

Be it vinyl music records, VHS tapes and mix tapes;  land line phones and cordless craze; clunky fax machines or the popular Premier Padmini car- we have all witnessed that all products do have a product life cycle. Managing highly complex products and interplaying between product generations is a legitimate challenge for companies. Product managers decide the PLC at Stage 1 but is it only spoken about and not acted upon?

Some Product Manager roles are merely decorations in job descriptions and resumes but seldom actually acted upon. So are product managers incompetent in designing an absolute product life cycle that includes product roadmap, product strategy and product plan?

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A Diploma in Product Management can help you become an irreplaceable product manager who executes actuate the tools, skills and processes that are designed for a successful product management.

Product managers are the pilot that drive the product from zero to one. From ideation and conceptualization to sunset- product managers call the shots and design the entire Product life cycle.

Development stage is successful after creating a roadmap, prioritizing, strategizing and solidifying plans to come up with a final beta plan.

Introduction of your product in the market marks a crucial phase. Run a beta version, execute the pilot program and finish the final launch plan. Launch the product to create a roar in the market.

During the Growth stage, acquire customers with the help of data, marketing and feedbacks.  Maximize on volumes and sales through growth hacking, and lead a product to Maturity.

Sunsets can be melancholy. To bring a product to an end can be heart-rending; but stretching it too far is disgraceful as well as a loss-making preposition. As a product manager, its crucial to learn the limits of your product, find ways to transition your product, come up with advanced product generation and call it a day just before you think the time is up. That’s like adding dignity to your product and utilizing the resources to newer and better performing products.

Do you have the PLC in place for your next product?

 

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