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Atharva Deshmukh
Daily Learnings... • 6m
Today I will be writing about the Product Development Lifecycle There are 5 stages of the Product Development Lifecyle: 1) Development 2) Introduction 3) Growth 4) Maturity 5) Decline Development: Earlier, it was considered that development only included the 'development', but now it includes market analysis, strategy, production, testing, etc. Introduction: The product's entry into the market for the use of customers is included in this phase. GTM strategy, coordination with the marketing and sales team, and monitoring the performance are the job of the Product Manager Growth:- In this, customer feedbacks are considered to make necessary changes, new distribution channels, improved features and attract more customers. effective management leads to increasing profit, tackling the competition to secure product position Maturity: Widespread market acceptance.PM focuses on maintaining market share, operational efficiency, and extending product lifecycle. The strategy is to manage costs, retain loyal customers, and increase innovation. By doing so, we can prepare for market saturation and increase profits. Decline:- Sales and market relevance decrease, here the focus shifts to cost cutting, inventory management, and maximizing the remaining value from the product. Options are to discontinue, reposition, or reinvention
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