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Stages of the Product Life Cycle
Ensure that your product’s life cycle and your team are as efficient and profitable as possiblePreview the first lesson free — get full access to all 8 lessons.
Intermediate Provider : Sean Timiney 8 Lessons · 20m in Arabic, German, English, Spanish, French, Portuguese, Chinese
Course Description
As a product manager, it’s not just enough to know the stages of the product life cycle. You must also realize that every product evolves through the cycle and that, even though each stage is inevitable, there are steps you can take to maximize your product’s success and longevity at each phase. This requires using the right metrics to help gauge how long your product will be viable and profitable, changing your marketing approach based on your product’s situation, evaluating the life cycle management process your company currently uses, and recognizing that a shift to a Lean or Agile system might be better for your product and your company’s strategy and mission.
These lessons on the Stages of the Product Life Cycle will help you make better decisions for your product. You’ll learn key signposts and best metrics for monitoring where your product is in the cycle, and you’ll discover how to enhance your product’s appeal at each stage through proven marketing techniques. You’ll also learn about different life cycle management styles, including Lean and Agile, so you can determine if you’re using the right one for your product’s and your company’s success.
What You'll Learn
- Identify the key elements of the four stages of the product life cycle: introduction, growth, maturity, and decline
- Determine where your product currently sits in the life cycle and how to maximize its longevity in the market
- Apply marketing techniques to re-energize existing customers and reach new ones at each stage
- Compare different life cycle management styles, including Lean and Agile, to decide which fits your product
- Use the right metrics and signposts to monitor how long your product will remain viable and profitable
Key Takeaways
- Every product evolves through the product life cycle, and although each stage is inevitable, there are steps you can take to maximize success and longevity at each phase.
- Knowing where your product is in the cycle requires using the right metrics to gauge how long it will be viable and profitable.
- Your marketing approach should change based on your product's situation to enhance its appeal at each stage.
- Evaluating your company's life cycle management process can reveal whether a shift to a Lean or Agile system would better serve your product and company strategy.
Frequently Asked Questions
Who is this course for?
This course is designed for product managers who need to do more than know the stages of the product life cycle and want to make better decisions to maximize their product's success and longevity.
What does this course cover?
It covers the four stages of the product life cycle (Introduction, Growth, Maturity, and Decline), the key signposts and best metrics for monitoring where a product is in the cycle, marketing techniques to enhance appeal at each stage, and life cycle management styles including Lean and Agile.
What skills will I gain?
You will learn to determine where your product is in the cycle and maximize its longevity, apply techniques for re-energizing existing customers and reaching new ones, and understand the differences in cycle management to determine which is best for your needs.
How is the course structured?
The course includes an Introduction, lessons on each of the four stages (Introduction, Growth, Maturity, and Decline), lessons on the Lean Product Life Cycle and Agile Product Life Cycle, and a Test Your Knowledge section.
