083 Life Cycle
The common stages of life for products.
• There are four stages of life for products: introduction, growth, maturity, and decline.
• Introduction: The official birth of a product.
• Growth: A stage of rapid expansion. The focus is to scale supply and performance of the product to meet the growing demand, and provide the level of support necessary to maintain customer satisfaction. This is where most products fail.
• Maturity: The peak of the product life cycle. Product sales have begun to diminish, and competition from competitors is strong. The focus is product refinement to maximize customer retention.
• Decline: The end of the life cycle. Product sales continue to decline and core market share is at risk. The focus is to minimize costs and develop transition strategies to migrate customers to new products.
See Also Development Cycle • Hierarchy of Needs • Iteration
