It is essential to understand completely about the product lifecycle before introducing a new product or service in the market. Every product passes through certain stages starting from its establishment to manufacturing, including activities like marketing, branding and finally losing popularity in the market. For any organization, it is important to manage the product lifecycle. Plan such that your product is launched successfully and gains popularity in a short span to generate sales and earn profits to the organization.
Let us discuss the product lifecycle in detail:
Product life cycle begins when the product team or organizations think of introducing a new product in the market. Obtaining new ideas to design and develop a product or service, starts the product lifecycle.
- Research and know the expectations of the target audience, and how your product can offer uniquely extra compared to your competitors. Understand what they want. This is one of the most critical stages in the entire product life cycle as it decides whether the product will be able to survive in competition. Planning at this stage is extremely important. Decide on a few parameters like technical specifications, approximate price, target audience and what is your marketing strategy. Prepare detailed documentation so that you do not miss out on anything.
- In the next stage more detailing takes place. Not all suggestions are practically implementable, so filter your thoughts. At this stage, give shape to your ideas and thoughts to become a final product. Identify vendors who can work along with you for the development or in the promotion of a product. Decide on the budget as well so that you will not end up spending more than what you have.
- During this stage, the organization starts manufacturing new products with all the available resources and manpower. By following the parameters and guidelines discussed in the stage2 be sure that you have employed skilled workers, understand their job well, train them to work on software’s to deliver final products having zero defects. Take care about the quality, which is one of the critical parameters. Never compromise on quality so that the final product exceeds customers’ expectations. That is why organizations have a separate quality team to check each and every product thoroughly to come out with a hundred percent product satisfaction. The checked product then moves for packaging and finally to distribution channels.
- At this stage, the product is ready to be pushed into the market. Finalize your marketing strategies so that your product reaches a larger number of end customers irrespective of their geographical constraints. Contact a reputed advertising agency who can design a catchy advertisement for the product. For maximum visibility, distribute flyers, display hoardings and banners at the most strategic locations.
- Do not forget to take feedback from customers, once the product is in the market. After sales, service also plays an important role. Regularly communicate with your distributors, dealers, product outlets to find out whether they have any kind of customer complaints. If in case the customer receives a defective product, ensure the product is replaced immediately or withdrawn that particular batch from the market.
Keep in mind that information flow needs to be there in all the stages of product development. Coordination between teams is extremely crucial as the next stage is totally dependent on the previous step. Every team member should communicate effectively with the rest of the members and have clarity on his or her roles and responsibilities to contribute to their maximum potential.