The product life cycle is made up of four high level distinct phases
Introduction
This is the phase which the product first hit's the market, in this phase the Product manager informs the market, makes the product accessable to its target audience, and collects feedback from early adopter on how to potentially improve the product.
This is the phase which the product first hit's the market, in this phase the Product manager informs the market, makes the product accessable to its target audience, and collects feedback from early adopter on how to potentially improve the product.
Growth
During this phase the market begins to adopt the product and demand increases, potential competitors may also be entering the market with similar products; the Product manager must step of marketing efforts as well as ensure that the product is available. The goal is to continue to iterate the product with new features based on customer input the product and capture more market share.
During this phase the market begins to adopt the product and demand increases, potential competitors may also be entering the market with similar products; the Product manager must step of marketing efforts as well as ensure that the product is available. The goal is to continue to iterate the product with new features based on customer input the product and capture more market share.
Maturity
As the product enters this phase, growth tends to flatten out, most of the market has been captured by yourself or competitors, there are no more untapped customers, during this phase the marketing strategy changes from acquiring new customers, to stealing your competitors customers. The product generally has iterations with fewer new features.
As the product enters this phase, growth tends to flatten out, most of the market has been captured by yourself or competitors, there are no more untapped customers, during this phase the marketing strategy changes from acquiring new customers, to stealing your competitors customers. The product generally has iterations with fewer new features.
Decline
As the market changes or new technologies begin to emerge the product enteres its decline phase, during this phase the product manger's goal is to timely and gracefully remove the product from the market while conducting initial research for the next product.
As the market changes or new technologies begin to emerge the product enteres its decline phase, during this phase the product manger's goal is to timely and gracefully remove the product from the market while conducting initial research for the next product.
