It’s hard to imagine a product which doesn’t live its own life – from its birth and introduction to the market, through its growth, puberty, until old age and decline during which it’s usually withdrawn from an offer. It’s the product life cycle that determines those individual stages of its life. Find out why there are no eternal products and how their changes look like while these products are still on the market.
Modern products live shorter and shorter, however more intense
The length of product life cycle varies and it depends on many factors. However for a long time we could observe that in every industry its life cycle has been shortening. For instance in the household appliances industry the life cycle of a product is usually shorter than 5 years, in IT it’s very rare that the product lives longer than 3 years, and in clothing industry it reaches a maximum of half a year.
What makes innovative products different from their traditional equivalents is also their life phases. Product life cycle is inextricably linked to the changes that occur in the markets and which have key impact on the choice of marketing strategy and consumers’ approach to individual products, industries and brands.
The basic product life stages include: product launch, growth, maturity and decline. Modern products are more and more often referred to as an additional stage between maturity and their decline. It’s a stage of saturation which allows for more accurate and detailed description of product’s life and better adaptation of the marketing campaign to it.
Determine product life cycle at its design stage
Products don’t appear on the market just like that. They have to be invented and professionally designed first. During the designing stage experts should create a correct and factual concept of the product and then modify it in such a way as to precisely adapt it to the needs, preferences and lifestyle of consumers. Appropriate product development based on innovative solutions, observing the specifics of the target consumer group and its further modification during the product’s presence on the market, have a huge impact on its entire life cycle.
Find out how we managed to design and then modify products present on the market by maximizing their potential.