Product Development Life Cycle
To define what, when, and why happens to a product, marketers and executives came up with a concept of a product development life cycle. The product development life cycle is a series of consecutive stages that a product passes through. Usually, the entire path is broken into four periods – introduction, growth, maturity, and decline.
Each stage is characterized by specific indicators, such as sales and profit, the level of customers’ engagement and brand recognition, the intensity of competition, and the number of rivals. At each stage, different departments take the burden of the highest responsibility, decision makers focus on various aspects of a product, and marketers come up with diverse promotion strategies.
As the context in which a product functions differs throughout its life cycle, the business activities must be adjusted to the current requirements. Otherwise, a product may fail to outlive the competition and hold its niche. For this reason, decision makers and heads of department must review the strategy and make requirements analysis iteratively, to make sure they are up to date with the context.
Products may persist at the maturity stage and never move to the decline, or they may skip certain steps – for instance, drop abruptly from the growth stage into oblivion. Besides, a life cycle does not have any time frames; some products may pass all the stages in a year while others take several decades.
However, before a product appears in the market, it inevitably goes through a period of conceptual elaboration and engineering. Hence, the development stage should not be excluded from the life cycle.
The duration of the stage heavily depends on the product itself. The key to success is the demand. The higher the need for your product is, the faster it will transition from the introductory stage to the growth stage. You can have a fantastic and working idea, but if no one needs your product, you are in trouble.
This template will primarily be useful to product managers. You can describe in detail the stages of development of your product and determine the amount of profit and costs at each stage. Sales managers can use this template when preparing a quarterly or yearly sales plan.
Marketers can use the slides in this template when preparing a marketing strategy to bring a new product to market. Startups can use the slides in this template when preparing for a meeting with investors and discussing product life cycle stages.
Product Development Life Cycle is a professional and modern template that contains six stylish and fully editable slides. You can change the type and size of the font, color and position of the infographic yourself. This template will be useful for product managers, marketers, sales managers and startups. Product Development Life Cycle template will complement your old presentations and will be a worthy addition to your collection of professional presentations.