What the product development cycle does is help you to refine, strengthen, and hone your product until you find a solution that will equate to customer success. Make an impact with your product’s appeal, performance reputation, and your brand’s customer loyaltyįrom ideation, a product will go through several development stages internally before it ever sees the physical and online stores where the public can purchase it.Become an authority in the market and compete effectively against the market in a prepared way.Look at your product from different angles and market it accordingly.Predict the future of your product and proactively try to make the most of the course, by shifting your marketing messaging and approach to connect with audiences.Get the biggest return on investment when you launch your product.Make better decisions based on how the product is performing at the moment.However, we can bear the PLC (product lifecycle) in mind and help our business to: We know that a product will become unattractive at some point in its life due to many factors that we’ll explore. If you know what stage of the lifecycle your product is in, or will be in, you can create a plan and develop strategies to make the most out of every stage – which is all part of product lifecycle management (PLM). This step extends the product lifecycle since ongoing feedback continually improves a product and creates a longer life span.įree eBook: How product experience research will drive growth Why is understanding the product lifecycle important? In an ideal scenario, there is a sixth stage at the end of the lifecycle that we recommend adding on: Iteration. It also indicates how your product should change as it moves through the product lifecycle stages.Īs a business, it’s important to find ways to support and maintain this process in order to make the most out of every product across every stage of its life. His model covers how the product is received by the target market and how it forces your competitors to react. Levitt defined five stages – product development, introduction, growth, maturity, and decline. It looks at the life of the product from development through to launch, and then to the end of the product’s saleability. The product lifecycle is a five-stage model developed by the German economist Theodore Levitt.
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