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What is the life cycle of product development?
What is a product life cycle?
The product life cycle describes the stages a product goes through from launch to discontinuation. The cycle typically contains 4 phases:
Growth: The demand for your product will increase.
Maturity: The sales of your product will reach its peak.
Decline: When the maturity stage ends, you'll start to notice a steady drop in sales. Your customers will lose interest in your product or switch to a better product made by a competitor.
This framework is of course helpful, but it tells us nothing about how the product is actually developed. For that, we need to explore the product development life cycle.
What is the product development cycle?
The product development life cycle describes how new ideas are brought to the market and all the stages a product goes through.
1. Ideation: This is probably one of the most challenging stages. The goal here is to brainstorm a list of problems that need to be solved. During this phase, the team will generate several product ideas.
2. Validation: By the end of the first stage, you will have a long list of product concepts. Validation determines which ideas are worth pursuing and which are not.
4. Marketing: The marketing department will create the product's market strategy (developing the product's value proposition, creating tools and materials for the sales department, building marketing, and advertising campaigns)
6. Launch: After developing and testing its MVP, you are now ready to go live.
Related content: Product Development Life Cycle: What It Is & Why You Should Care (https://addevice.io/
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