Which lifecycles are useful for your products?
In theory, the concept of a product lifecycle (PL) is quite straightforward – products launch, grow, mature, and die. However, this is a little simplistic and only provides one specific viewpoint for managing your product.
In fact, there are a variety of different PL models, that you can use in product management. Importantly, the way that you market and manage your product differs, depending upon your product and its current lifecycle stage.
We’ve produced an infographic that illustrates 4 different types of lifecycles – think of them as providing different viewpoints. You can use these examples, to help you think of effective ways to manage and market your product:
- Classic Product Lifecycle – includes the introduction, growth, maturity and decline stages.
- Lean Product Lifecycle – useful for thinking about prototypes, MVPs and optimum products.
- Financial Product Lifecycle – insightful when considering break-even point and payback.
- Launch and End-of-life Product Lifecycle – helpful for considering the detailed stages around launch and end-of-life.
We have provided a great starting point to get you thinking about the different lifecycles, that could be appropriate for products in your business.
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