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The product life cycle: adapt your actions to each phase

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The product life cycle: adapt your actions to each phase

Product lifecycle management is a systematic approach that enables you to address the changes that a product undergoes, Argentina Email address from its design and development to its retirement or final disposal.

In this article I will explain how to work a marketing strategy in each of the phases that make up this cycle. I hope you find it useful!

Marketing does not put an end to the responsibilities of a company, but marks the beginning of a new phase . After launch, you also need to take care of managing your products. At this stage you can see the behavior and results of the product in the market, and we will have to focus on optimizing its financial performance and its positioning.

Depending on the acceptance of the product in the market, the response of consumers or the competitiveness of the environment, the product will evolve in one way or another. It could be said that the product is different in each phase and that it will not be the same in any of its evolutionary stages . This means that, to be successful, it will be necessary to adapt the actions to the circumstances of each moment.

What is the life cycle of the product?

The investment that must be made when developing a new product cannot be compared with the expense associated with its distribution stage. In the same way, with regard to the commitment to innovation, it will be raised with a very different intensity in the initial phases or final stages of the product life cycle

1. Introduction

On a financial level, this stage stands out for the high costs it entails. The sales volume is very low and therefore the revenue figures are just as tight. In this phase there is no competition and demand must be created. In terms of branding, the goals are to achieve differentiation and awareness. To do this, the product will be promoted by emphasizing its new characteristics and attributes, which will allow some people’s concerns and preferences to be resolved .

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2. Growth

At this point, costs are reduced, for the first time, thanks to economies of scale. At the same time, there is an increase in sales that boosts the profitability of the product. However, this moment coincides with the appearance of the first competitors. Decisions have to be made and, while some affect the market price, which must be lowered, others seek differentiation. It is important to introduce modifications  as new extensions and packages are configured that allow to differentiate the product effectively

What role does the life cycle of the product?

As you might imagine, product lifecycle management should seek operational benefits through a more focused understanding of customer needs and requirements. This leads to better product design with fewer redundant features and fewer unnecessary development or redesign steps. When achieved, consumer satisfaction is boosted and their brand loyalty grows.

In this way, mobilelead the consumer is at the center of the equation and all actions must be aimed at ensuring their satisfaction. To achieve this, the first step is to understand the phases of the product life cycle from their point of view. What does each stage mean to the consumer?

Innovators : They are enthusiastic about technology and are willing to experiment with innovation to the extreme, with the aim of finding new opportunities or discovering hidden properties in the product. They are known as leading users and, on occasions,

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