“Product lifecycle” is the term that is used to describe the life phases of a product. Each product we use has a life cycle that fundamentally contains 4 phases that begin with introduction, growth, maturity and decline. The demand the product manager has to face totally depends upon the lifecycle stage the product is currently in. Just like you cannot let a baby drive a car or a senior person to play with toys, you cannot replace the needs of the one lifecycle stage with other. Therefore, it is crucial for management students to comprehend the significance of product lifecycle stage assignment to learn what matters at what stage. So, without wasting any time further let’s begin with the product life cycle.
What product lifecycle graph describes?
The classic product lifecycle graph is actually a sales graph that progresses through different stages;
- First stage: the curve rises from the x-axis as the product passes through the introduction stage and grow further;
- Second stage: The curve becomes round and reach the peak at the maturity stage;
- Third stage; at last, a gradual that forecast its withdraw from the market.
Each stage of the product lifecycle has its own implications on marketing. The actual motive behind drawing the product lifecycle graph is to not to match the curve but to plan for now and future. Expert product managers always coordinate with the marketers to shape the curve: as they speed through the introduction phase, further stretch down the growth phase, extend the maturity and smooth down the decline.
What are the major benefits of seeing things from the product lifecycle lens?
• The product lifecycle graph gives a brief understanding of how your product fits into the cycle.
• It helps to determine at what stage you are currently into plan accordingly.
• It is highly considered to identify the early signs of the stage changes and how management must accommodate the change.
Of course, none of the above matters if you fail to surpass the introduction phase of the product.
The introduction phase
The introduction phase is when the product is introduced in the market for the very first time. In more specific terms, your product enters into the introduction phase when you first launch it.
How to identify that you are in the introduction phase
Of course, if your product is still under production, then you are at the initial phase.
However, marketers need to create awareness for the recently launched products to appear when the target customers consider buying a product.
What needs to be accomplished during the introduction stage?
Awareness and trial
Beginners who have hired Product Life Cycle Stage assignment writing needs to understand that the introduction phase is rarely profitable. As the product has recently launched in the market, nobody is aware of its existence. To overcome this problem, marketers are required to roll out awareness campaigns that will help to move the product more quickly through the introduction part.
In the absence of the post-purchase feedback, the marketing team will need to rely upon the use of research that is conducted by the in-house product management team. This includes the data gathered through the testing and initial research. During the research part, the primary questions marketers need to answer are:
• What is the purpose of creating this product?
• What problem does it solve?
• Who are the target customers?
• What changes it will bring in their lives?
• What users and companies will be influenced by this product?
• How big is the market?
Answering the above questions will help you to determine which marketing channel will be suitable to spread awareness about the product.
Signs you are moving toward the growth stage
When you start focusing more on the competitors rather than making the palace in the list of products they need to buy then you can consider yourself finally heading toward the growth stage of the product lifecycle.
You have already passed the marketing stage and now looking ahead to create a fruitful relationship with the existing customers and using them to acquire new buyers.
That’s enough for the day… we will further continue this topic in the next guest post.