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Everything has a shelf life. Whether it’s a car, your phone, exercise equipment, or any number of products — eventually its use and sales potential will run dry. That’s because anytime that a product enters the market it follows a specific life cycle that every product follows.
A life cycle that takes it from being introduced as the next big thing, to something that everyone has and eventually everyone has forgotten about. This process is constant, meaning that every business needs to be aware of how it works and how it can affect their products.
The product life cycle is the length of time from when a product is introduced to the consumer market up until it declines or is no longer being sold. This cycle can be broken up into different stages, including—development, introduction, growth, maturity, saturation, and decline. The life cycle of a product is typically used to determine when it’s appropriate to increase advertising, adjust pricing, explore new markets, redesign packaging and even adjust your messaging.
Understanding the product life cycle is a vital part of managing and growing your business. It can help you devise a more detailed roadmap for your business, make better strategic decisions and even help you create more accurate financial forecasts. If you’ve created a business plan make sure that exploring your market position is part of your regular plan reviews. You’re likely already looking into everything involved in the product life cycle, but it’s well worth taking the time to solidify what the position of your product is on a regular basis
Engage your users in your product life cycle. Announce your latest updates and collect effortlessly user feedback at any stage of your process: from ideation, design to shipping.