Have you ever wondered while watching TV or using a product about the different stages through which that particular product has gone through? We only talk about a product when it enters the market. However, every product has a life cycle of its own. This is what we will be discussing in this article – the product life cycle. You’ll get to understand what the product life cycle is, the stages of the product life cycle, and product life cycle examples, among other things. Show The product life cycle is a continuous process – right from the product’s development and introduction to the time it reaches maturity and eventually declines and retires. You’ll be able to understand these aspects better through product life cycle examples. In this article, you’ll also see how different stages of the product life cycle work, how product life cycle management helps in the development of the best product, and how the product development life cycle helps companies in optimizing their businesses. Let us begin with closely understanding what a product life cycle is. 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. A lot of products continue to remain in a prolonged maturity state. However, eventually, in every product life cycle, the product eventually phases out from the market. This may be due to several factors such as saturation, competition, decrease in demand, and even reduction in sales. A product life cycle analysis can help companies in creating strategies that enable them to sustain the longevity of a product and even adapt to market conditions. Benefits of Using the Product Life CycleNow that we know what the product life cycle is, we will now look at using the product life cycle for different purposes. The product life cycle is used to determine how products can be marketed to consumers. When a product is successfully introduced in the market during the first stage of the product life cycle, there should ideally be a rise in demand and popularity. When this new product gets established, there is less marketing effort involved. And, when it moves from the maturity stage to the declining stage, the demand also wanes. Eventually, in the last phase of the product life cycle, the product phases out from the market. This is where an efficient product management life cycle becomes useful for all businesses. Proper product life cycle management ensures that the product does well and reaches the stage of maturity after having been in the market for a prolonged duration. To recap, we are now well-versed with what a product life cycle is, why product life cycle management is important, and how the product development life cycle helps businesses. We will now skim through the four stages of the product life cycle and their importance.
Examples of the Product Life CycleTo understand all of these stages, we can take a look at product life cycle examples. These examples will help us understand how a product is introduced and how it goes through different stages. However, if you wish to pursue a career in product life cycle management, these product life cycle examples may not be enough. You’ll have to undertake a product management course which will help you gain more insights into the product life cycle and its management. A few more product life cycle examples are: Typewriters – Typewriters helped in improving the speed and efficiency of writing. However, with time newer devices such as computers and laptops were introduced, and the demand for typewriters declined. Eventually, they reached maturity and were taken off the market. VCR – VCRs were effectively phased out after the advent of CDs, DVDs, and eventually the Internet. Electric vehicles – Electric vehicles are currently in the growth stage, therefore, their demand is picking up. A Career in Product ManagementToday, it is easy for you to kickstart or advance your career in product management. You just need to undertake one of the best product management certification courses. Emeritus offers various online product management courses from some of the top universities in the world. What are the three industry stages?Industries typically go through the stages of growth, maturity, and decline. — This occurs when continuous innovation creates new uses for industry products (e.g. copper) or when the industry develops new products that recapture consumers' attention.
What is Stage 3 in the product life cycle?Life Cycle Phase 3: Maturity
As growth slows down, products reach their third phase: maturity. The emphasis begins shifting from customer acquisition to retention since the pool of potential new users is overshadowed by those already using the products.
Which stage is the first stage of industry life cycle?An industry life cycle typically consists of five stages — startup, growth, shakeout, maturity, and decline.
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