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All products or services created or provided by your business have a life cycle. This period runs from the initial idea and development of a product to its withdrawal from the market and beyond.

Depending on the type of product or service you launch, the length of a product's life cycle will vary substantially. For example, a fashionable item may have a life cycle of only a few months, whereas an everyday item may have one lasting years.

Typical stages of product life cycle

A product's life cycle goes through the following main stages:

• development - the product/service is designed and physically created
• introduction - the product/service is launched and marketed to a small group of customers
• growth and maturity - the product/service is marketed to a wider audience and reiterated
• decline - the product/service either comes to its natural end or is re-developed

Each of these stages is associated with changes in the product's marketing position. Different marketing strategies at different stages may help prolong the life cycle of your products. Read more about the product life cycle strategies.

Product life cycle: key areas to consider

When developing a new product or service you should assess the following key points:

• design - how efficient the product is, how it can be produced and how it can be easily manufactured
• materials - how you can use the best or most cost-effective materials to increase profit margins, improve the environmental impact of your product, or reduce financial risk
• manufacture - how to make the manufacturing process more efficient, or reduce costs
• retail - how to optimise costs incurred through packaging or transportation
• use - how you can make the product or service last longer in order to increase customer satisfaction
• end of life - how materials or ideas from your service or product can be recycled

You need to think about how each of these will affect the various areas of your profitability.

It's worth developing a strategic approach that can help you steer your product from start to finish - this is known as product life cycle management.  

Product development is the first stage of the product life cycle. It begins only when you find and start to develop a new idea.

How to develop a product idea

You may be an inventor who has already come up with a new product or service idea and is ready to bring that idea to market. However, if you are a business that needs some help to develop new ideas, you can partner with innovators, designers, university researchers or manufacturers to help you generate new ideas.

What to consider at the development stage of the product life cycle

At the development stage of the product life cycle, your idea should meet:

• potential customer expectations
• design, resource and manufacturing requirements
• the strategy outlined in your business plan

You should analyse what is involved in the development process and plan for all the potential outcomes and risks.

Development stage - objectives

At this stage, you should not worry about sales or introducing the product. Your focus should be on working with a team of designers, manufacturers or product development experts on:

• producing prototypes
• testing prototyped product
• sourcing and pricing materials
• intellectual property issues

To further develop your product, you should:

• consult team members on development plans
• speak to suppliers and other business associates
• communicate with customers about your plans
• consider the environmental impacts of your product
• ask a group of potential customers to test your product and give feedback - you can use this to develop the product and, later in the product's life cycle, to market it

When developing your product or service you need to establish the level of quality you are aiming for, and how many different versions you want to develop to generate interest at launch.

See more on the introduction stage of a product life cycle.

During development, it is important to take steps to protect all your intellectual property rights - eg patents and trademarks - before you launch the product or service. Doing this protects you from other competitors copying the idea and developing an alternative. See how to protect your intellectual property.

The introduction stage of a product's life cycle is the time to build awareness of your product or service in certain markets.

Introduction stage of product life cycle - objectives

During the introduction stage, you should concentrate on building a base for your product, and focus on the following marketing factors:

• pricing
• distribution
• promotion

Price your product or service

You should initially start pricing at the highest point you believe possible to achieve. You can also consider a skimming price strategy - charging a relatively high price for a short time when you launch a new, innovative or much-improved product. Skimming capitalises on customers who are willing to pay more to be one of the first to have a new product. You can lower the prices later when demand from the early adopters falls.

A penetration pricing strategy may work best for businesses entering a new market or building on a relatively small market share. It involves the setting of lower, rather than higher prices to achieve a large, if not dominant market share.

See how to price your product or service.

Distribution

Your distribution should be selective and limited to a specific type of consumer until your product is accepted. Also, you should consider different distribution models during different periods of the product life cycle, eg new products for different seasons in a clothes shop.

Promotion

You should try to build brand awareness at an early stage. It is worth working with a brand design or communications agency as you develop a product to establish a strong brand.

You can use samples or trial incentives to capture early adopters of the product or service. Introductory promotions can also help convince potential resellers to carry your lines. Different marketing strategies work better at different stages of the product's life cycle. Read more about the product life cycle strategies.

Product life cycle introduction: profitability

It is likely that, at the introduction stage, your sales will be low until customers become aware of your product or your service's benefits. Due to the high cost of advertising and low initial sales, it is possible that you won't make immediate profits or you may even find that the product is producing negative profits. However, you should make up for this with increasing revenue generated at the growth and maturity stage of a product life cycle.

At this point in your product's life cycle, you should be putting your efforts into:

• increasing your product's market share
• creating a brand preference for your customers

Product growth stage

This should be a period of rapid growth in both sales and profits for your product or service. Your profits should rise through an increase in output and more competitive pricing.

You should also consider:

• maintaining product quality and adding features or 91香蕉黄色视频 services for the product
• maintaining pricing to increase demand for the product
• increasing distribution channels to cope with demand
• aiming promotion at a wider audience

If your profits are still low, consider reducing the price of the product or service to increase the volume of sales. See how to price your product or service.

Remember that different marketing strategies work better at different stages of the product's life cycle. You may want to tailor your strategies to your product's changing marketing position.

Read more about product life cycle strategies and product life cycle management.

Product maturity stage

If your product or service makes it to the maturity stage, this should be the longest part of its product life cycle.

At this stage, you will probably notice that:

• you may need to enhance product features to make it more appealing than competitors'
• you may need to lower your pricing due to increased competition
• distribution is becoming more intensive and you may need to offer incentives
• you may need to focus your promotion on the difference between existing products

At this point, the market has often reached saturation as a result of competitors releasing their own version of your product. Your product or service may experience a decreasing rate of sales, which should eventually stabilise.

To prolong their life span, you should aim to differentiate your product or service from others that your competitors offer. You can do this by focusing on and highlighting any branding, trademarks, or customer testimonials that may give you an advantage.

Keep in mind that the sales of most products will decline at some stage and the product will come to its natural end. Find out more about this in product life cycles - decline stage.

The sales of most products will decline at some stage. This can be due to factors such as technological advances, trends, innovation or changing consumer tastes.

You will know when your product reaches the decline stage of its life cycle because you will notice a significant downturn in the revenue it generates.

Product decline strategies

At this stage, your options are to:

• maintain the product in the hope that your other competitors will withdraw their versions before you, which may create an increase in demand again
• reduce your costs and find another use for the product - entering into another niche area could increase profits
• reduce marketing 91香蕉黄色视频, 'harvest' the product, coast along until profits dry up and then discontinue the product
• discontinue the product when your profit disappears, or when you unveil a successor product

Extending the lifespan of your product

Some of these methods can form an 'extension strategy' that prolongs the life of your current product or service. Such a strategy can temporarily delay the decline and give you enough time to improve or amend your existing product or develop a new one. Read more about product life cycle strategies.

By understanding the product life cycle of all of your products and services, you can ensure that at least one of your ventures is at the growth or maturity stage, while another is in decline. By doing this you can guarantee a regular source of profit for all of your products.

Read more about the growth and maturity stage of a product life cycle.

The product life cycle contains four distinct stages: introduction, growth, maturity and decline. Each stage is associated with changes in the product's marketing position. You can use various marketing strategies in each stage to try to prolong the life cycle of your products.

Product introduction strategies

Marketing strategies used in the introduction stages include:

• rapid skimming - launching the product at a high price and high promotional level
• slow skimming - launching the product at a high price and low promotional level
• rapid penetration - launching the product at a low price with significant promotion
• slow penetration - launching the product at a low price and minimal promotion

During the introduction stage, you should aim to:

• establish a clear brand identity
• connect with the right partners to promote your product
• set up consumer tests, or provide samples or trials to key target markets
• price the product or service as high as you believe you can sell it, and to reflect the quality level you are providing

You could also try to limit the product or service to a specific type of consumer - being selective can boost demand. Read more about the introduction stage of a product life cycle.

Product growth strategies

Marketing strategies used in the growth stage mainly aim to increase profits. Some of the common strategies to try are:

• improving product quality
• adding new product features or 91香蕉黄色视频 services to grow your market share
• entering new markets segments
• keeping pricing as high as is reasonable to keep demand and profits high
• increasing distribution channels to cope with growing demand
• shifting marketing messages from product awareness to product preference
• skimming product prices if your profits are too low

The growth stage is when you should see rapidly rising sales, profits and your market share. Your strategies should seek to maximise these opportunities.

Product maturity strategies

When your sales peak, your product will enter the maturity stage. This often means that your market will be saturated and you may find that you need to change your marketing tactics to prolong the life cycle of your product. Common strategies that can help during this stage fall under one of two categories:

• market modification - this includes entering new market segments, redefining target markets, winning over competitor's customers, converting non-users
• product modification - for example, adjusting or improving your product's features, quality, pricing and differentiating it from other products in the marking

Read more about the growth and maturity stage of a product life cycle.

Product decline strategies

During the end stages of your product, you will see declining sales and profits. This can be caused by changes in consumer preferences, technological advances and alternatives on the market. At this stage, you will have to decide what strategies to take. If you want to save money, you can:

• reduce your promotional expenditure on the products
• reduce the number of distribution outlets that sell them
• implement price cuts to get the customers to buy the product
• find another use for the product
• maintain the product and wait for competitors to withdraw from the market first
• harvest the product or service before discontinuing it

Another option is for your business to discontinue the product from your offering. You may choose to:

• sell the brand to another business
• significantly reduce the price to get rid of all the inventory

Many businesses find that the best strategy is to modify their product in the maturity stage to avoid entering the decline stage. Find out more about product life cycle - decline stage or find more best practices on product life cycle management. 

Product life cycle management is a strategic approach that can help you steer your product from start to finish - from concept and design to production, distribution, and eventual retirement.

What is product life cycle management (PLM)?

Product life cycle management is the process of overseeing a product from its inception to its eventual discontinuation. It involves a series of stages comprising:

• ideation and development
• introduction of the product to the market
• growth as the product matures
• decline of the product

Each stage has its own set of challenges and opportunities. In most cases, you can use specific product life cycle strategies to try prolonging the life cycle of your products.

Key benefits of implementing PLM

There are many potential benefits of effectively managing the life cycle of your product. For example:

Improved product innovation

Having a process for product life cycle management can encourage collaboration and the sharing of ideas in a business, resulting in more innovative products that can meet market needs better.

Enhanced time-to-market

Efficient PLM processes can speed up product development cycles, enabling you to get your offerings to market faster than your competitors.

Better resource management

PLM can help you allocate resources optimally, ensuring that your team's skills and time are used efficiently throughout the product's life cycle.

Cost savings

Through better resource allocation and waste reduction, PLM can lead to cost savings across various stages of product development and production.

Regulatory compliance

Many industries have strict regulations. PLM systems can help you manage compliance requirements, reducing the risk of legal issues and costly recalls.

Improved communication

PLM tools and systems can streamline communication between departments and teams, reducing misunderstandings and enhancing overall efficiency.

Better decision-making

With access to real-time data and insights, you can make informed decisions about product improvements, investments, and retirements.

Tools and systems for effective PLM

For product life cycle management to be efficient, there are digital solutions that automate the administrative processes that go along with product development. Some of the solutions you could consider include:

Product data management systems

Systems for managing product information ensure that everyone works with accurate and up-to-date data, including design files, specifications and documentation.

Computer-aided design (CAD) software

CAD tools facilitate the creation, modification, analysis, and optimisation of product designs. They are vital for ensuring products meet performance and safety standards.

Collaboration platforms

Tools like project management software and communication platforms help teams collaborate seamlessly, even when they're geographically dispersed.

Dedicated PLM software

A comprehensive product life cycle management software can provide end-to-end visibility into your product's life cycle. It covers everything from design and prototyping to sourcing, manufacturing, distribution, and retirement.

Data analytics tools

Tools for analysing data can help you make sense of the vast amounts of information generated throughout the product life cycle. They offer insights that can guide your strategic decisions.

Enterprise resource planning (ERP) systems

ERP systems integrate various business processes, including finance, inventory, and production, into one organised system. This integration can improve efficiency and accuracy across the business.

How to implement effective PLM

PLM implementation will begin by assessing your needs. Try to understand your product's life cycle and identify areas needing improvement. You will then need to determine which PLM tools and systems align with your business goals.

Once you choose the tools that suit your business size, industry, and budget, you should train your team to use the tools effectively, to ensure smooth integration into existing workflows.

For PLM to deliver positive results, you should also encourage collaboration among departments, allowing each to have input throughout the life cycle.

Finally, you should strive for continuous improvement. Regularly evaluate your PLM processes and tools and update them as needed to adapt to changes in your business environment.