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Product Lifecycle Management
The Product Lifecycle
Every product goes through predictable stages: introduction, growth, maturity, and decline. Understanding where each product sits in its lifecycle informs your strategy.
Stage-Specific Strategies
Introduction: Heavy marketing spend to build awareness. Price may be higher initially.
Growth: Expand distribution and capitalize on momentum. Consider competitive pricing to gain market share.
Maturity: Focus on customer retention and efficiency. Introduce variations or improvements.
Decline: Reduce inventory, consider discounts, or plan product replacement.
Data-Driven Decisions
Track sales velocity, margin trends, and customer feedback at each stage. Make strategic decisions based on data rather than intuition.