Nowadays, companies mustemphasise the product development life cycle to ensure good sales in the market and make the benchmark. A number of phases constitute product development; primarily, these are conception, development, introduction, growth, maturity, and decline.
Know in detail about all the essential phases of the product development life cycle here in this article! Read further to know more about the same.
What Is Product Development Life Cycle?
The product development life cycle is the process by which a product is developed, when it is developed, and why it is developed – or PDLC, put simply. Simply put, the product development life cycle involves a progression of stages. There are usually four phases in the whole course: introduction, growth, maturity, and decline.
Essential Product Life Cycle Stages
A product life cycle begins when the results of your work are ready to be demonstrated. It constitutes the following stages.
Introductory – Primary Stage
The introduction stage begins when your product first enters the market, sometimes referred to as the market development phase. In the next few days, you will be defining your distribution strategies, which can be selective, targeted at specific niches, or flood, offering trial products, samples, and discounts, establishing a base of customers – you need innovators and early adopters to be the prominent endorsers, determining the price – it may be higher to cover the initial expenses or lower to gain market share, and to take care of invoicing at the end.
One must note that demand is the secret to success. The quicker your product moves from the introduction to the growth stage, the more the need for it. Even if your idea is brilliant and works, you might still need help if no one wants your product.
2. Growth – Second Stage
A product will begin to generate revenue and attract customers soon after its release if everything goes according to plan. Making money is easiest when your business is growing. It will likely multiply and reach its peak before maturing. You already have a client base during this time; your brand is becoming more well-known, more people are joining your network, and demand is increasing. The constant influx of new customers and the surge in sales allow you to make significant profits, even if your product is affordable.
A product is eligible to start a phase of stable existence after experiencing fast expansion. The stability and saturation phase is another name for the maturity stage. Your sales are at their highest during this period since most of your potential customers have purchased your goods, which causes market saturation. It implies that to compete with opponents, you must develop new offers. The market stage at which your rivals first joined is now the same as theirs. They take advantage of the growing period while you are considering how to maintain your position and maintain market share.
5. Decline – Last Stage
As soon as the mature stage ends, the decline begins. Your sales and earnings will decline steadily and gradually, but it will take time. Despite technological advancements and marketing gimmicks, the decline will not be stopped; it may only be slowed.
The product development life cycle includes these four stages above; all of them hold equivalent importance and require proper concentration and attention. You can learn more about product development with the best product management certification available at online platforms like Emeritus.