case study on product life cycle

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What is Product Life Cycle (PLC)?

Product Life Cycle (PLC) is a model that illustrates how a product progresses through stages during its time on the market. It serves as a tool for businesses to understand how their products evolve and how to manage them efficiently. This concept plays a role in making decisions regarding product development, marketing strategies, pricing strategies, and distribution channels. In today’s paced world of business and innovation, it is crucial to grasp the Product Life Cycle (PLC).

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Stages of Product Life Cycle (PLC)

Case study of product life cycle of apple, key takeaways from product life cycle (plc):.

• The PLC is a concept in marketing and product management that helps businesses plan strategically and make informed decisions about their products.
• This cycle represents the stages that a product goes through starting from its introduction to its decline in the market.
• Understanding these stages allows companies to adapt their strategies effectively maximizing profits and ensuring long-term success for their products.

1. Introduction

The introduction stage signifies the entry of a product into the market. The initial stage is typically associated with an increase in sales since it involves introducing the product to consumers. During this phase, businesses incur expenses for marketing and research and development (R&D) as they strive to raise awareness and stimulate demand for their product. Companies need to invest in marketing and create distribution channels to ensure that their product is easily accessible to customers. The objective is to establish a presence in the market and generate interest. During this phase, pricing strategies often revolve around two approaches:

• Penetration pricing, where a lower price is initially offered to gain market share,
• Skimming pricing, where a higher price is charged at first to recover development costs.

The growth stage witnesses a surge in sales as consumers become more aware of the product’s existence and its advantages. This growth is fueled by word-of-mouth favourable reviews and effective marketing campaigns. In this phase, businesses strive to expand their market share by scaling up production and distribution. With the increasing demand, competition may intensify as new players try to capitalise on the opportunity. As the product gains recognition, pricing strategies might shift towards a competitive approach. Companies may also introduce variations or extensions of the product aimed at market segments.

3. Maturity

The maturity stage represents the peak of sales and market penetration for the product. Competition typically reaches its point during this period, and attention shifts from attracting customers to retaining existing ones. Price stability and product differentiation become a feature of this stage. Ongoing marketing endeavours aimed at maintaining both market share and brand loyalty. Companies frequently make investments in improving their products, adding features, and implementing marketing campaigns to ensure their products remain relevant and competitive. Furthermore, they may explore opportunities in markets.

In the decline phase, sales of the product start to decrease due to changing consumer preferences, market saturation, or the emergence of alternatives. Companies must decide whether to discontinue the product or continue selling, it with marketing efforts. As existing inventory price reductions or discounts may be necessary, some companies may choose to reinvent or rebrand the product or find markets to extend its life cycle. Ultimately, the decision to withdraw or revive the product depends on its profitability and how well it aligns with the company’s strategy.

Introduction Phase

During the phase from 2007 to 2008, Apple introduced the iPhone, which brought about a significant transformation in the smartphone industry. To generate awareness and create excitement surrounding their product, Apple invested heavily in marketing and promotional activities. The innovative design and user-friendly interface of the iPhone captured the interest of tech enthusiasts. Capitalising on this wave of enthusiasm, Apple implemented a pricing strategy that involved charging prices initially.

Growth Stage

In the years that followed from 2009 to 2012, the iPhone experienced growth. Apple expanded its range of offerings by introducing models like the iPhone 3G, 4, and 4S. The launch of the App Store in 2008 played a role in fueling this growth by creating an ecosystem that catered to both developers and users alike. To meet increasing demand, Apple focused on scaling up production and distribution, while establishing partnerships with telecom carriers worldwide. Product differentiation also played a role during this stage as Apple offered storage capacities and introduced new features such as improved cameras and faster processors.

Maturity Phase

By 2013, the iPhone had reached maturity as it faced competition from Android-based smartphones. The market became saturated with options for consumers to choose from. To keep its position in the market, Apple put a lot of emphasis on improving its products. Released a series of iPhones, including the 5, 6, 7, and 8 models. They also introduced the Plus and SE versions. Alongside this, Apple carried on with its marketing campaigns that aimed to build brand loyalty and make sure customers were satisfied. Moreover, they expanded into markets, which helped solidify their position as a leading smartphone company.

Declining Stage

In years (2019 onwards), the iPhone entered a stage of decline where it faced obstacles, like market saturation and the rise of competitors. To tackle these challenges, Apple has adjusted its pricing strategies and introduced the affordable iPhone SE. Additionally, the company has heavily invested in services, like Apple Music, Apple TV+, and Apple Arcade to diversify its revenue streams and keep customers engaged. By focusing on refreshing its products and building an ecosystem around its devices, Apple has been able to prolong the lifespan of the iPhone and minimize the impact of market decline.

The Product Life Cycle (PLC) is a framework that helps businesses navigate their product’s complex journey in the market. By understanding the four stages of introduction, growth, maturity, and decline, companies can make choices regarding product development, pricing, marketing, and distribution. Effectively managing a product throughout its life cycle can lead to success and a competitive advantage in today’s dynamic business environment.

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The 6 Stages of the Product Life Cycle [+Examples]

Published: September 14, 2023

When I was 12 years old, I used to be confused about my cousin's CD collection. Why have CDs when I could go on iTunes and listen to all my favorite songs? This is a perfect example of a product life cycle (PLC) in action.

No one wants their product to become “obsolete” and reach the end of its product life cycle. That’s why it’s important to understand what stage your product is in so you can make better marketing and business decisions.

Below, we’ll learn about the product life cycle inside and out. If you’re in a pinch, use the links below to jump straight to what you need:

What is the product life cycle?

What are the stages of the product life cycle, importance of the product life cycle, breaking down the product life cycle theory, product life cycle marketing strategies, product life cycle examples, international product life cycle, when to use the product life cycle.

The product life cycle is the succession of stages that a product goes through during its existence, starting from development and ultimately ending in decline. Business owners and marketers use the product life cycle to make important decisions and strategies on advertising budgets, product prices, and packaging.

In the marketing industry, the typical depiction of the product life cycle only has four main stages — Introduction, Growth, Maturity, and Decline. At HubSpot, we agree that these are vital for a product, but the two stages “Development” and “Decline” aren’t nearly covered enough.

This phase can last for a long time, depending on the complexity of the product, how new it is, and the competition. For a completely new product, the development stage is particularly difficult because the first pioneer of a product isn’t always as successful as later iterations.

Before full-scale production, the product may be released in a limited market or region for testing purposes. This allows companies to assess market acceptance, gather user feedback, and make necessary adjustments before a wider launch.

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2. Introduction

The introduction stage happens when a product is launched in the marketplace. This is when marketing teams begin building product awareness and targeting potential customers. Typically, when a product is introduced, sales are low and demand builds slowly.

In this phase, marketers focus on advertising and marketing campaigns. They also work on testing distribution channels and building product and brand awareness.

This stage is crucial because companies have the opportunity to shake up the status quo and capture the attention and loyalty of early adopters. The positive experiences and word-of-mouth recommendations from these early customers can influence the broader target market and accelerate product adoption.

Some examples of products currently in the introduction stage include:

• Generative AI
• Self-driving cars
• 3D televisions

Ultimately, the success of this stage sets the foundation for the product’s future growth and success in subsequent stages of the product life cycle.

During the growth stage, consumers have accepted the product in the market and customers are beginning to truly buy in. That means demand and profits are growing, hopefully at a steadily rapid pace. This momentum is crucial for sustaining business operations, funding further product development, and generating returns on investment.

As companies scale, they can benefit from lower per-unit production costs, improved supplier relationships, and optimized distribution networks.

However, there are some challenges that come with the growth stage. As the market for the product expands, competition grows. Potential competitors will see your success and will want in.

Some products that are currently in the growth stage are:

• Smartwatches
• Electric cars

During this stage, it’s important to keep attracting new customers and solidify your brand image so you can stay ahead of the competition.

4. Maturity

The maturity stage is when the sales begin to level off from the rapid growth period. At this point, companies begin to reduce their prices so they can stay competitive amongst the growing competition. Streamlining production processes, negotiating favorable supplier contracts, and optimizing distribution networks also become important considerations.

This is the phase where a company begins to become more efficient and learns from the mistakes made in the introduction and growth stages. Marketing campaigns are typically focused on differentiation rather than awareness. This means that product features might be enhanced, prices might be lowered, and distribution becomes more intensive.

During the maturity stage, products begin to enter the most profitable stage. The cost of production declines while the sales are increasing.

• Smartphones
• Video game consoles

5. Saturation

During the product saturation stage, competitors have begun to take a portion of the market and products will experience neither growth nor decline in sales.

Typically, this is the point when most consumers are using a product, but there are many competing companies. At this point, you want your product to become the brand preference so you don't enter the decline stage. To achieve this, you’ll want to focus on providing exceptional service and building strong relationships with your customers.

In a saturated market, innovation also becomes essential to stay relevant. Businesses must continuously invest in research and development to improve products and offer new features. Failure to do so may lead to product obsolescence and loss of market share.

Some examples of products in the saturation stage are:

• Streaming services
• Breakfast cereals
• Soft drinks

Unfortunately, if your product doesn‘t become the preferred brand in a marketplace, you’ll typically experience a decline. Sales will decrease during the heightened competition, which is hard to overcome.

Decline also occurs when products become outdated or less relevant as newer technologies enter the market. Consumers may turn to more advanced options, rendering the declining product less desirable.

If a company is at this stage, it'll either discontinue its product, sell the company, or innovate and iterate on its product in some way.

Here are a few examples of products in the decline stage:

• CDs and cassette tapes
• Landline telephones

The best companies will usually have products at several points in the product life cycle at any given time. Some companies look to other countries to begin the cycle anew.

The product life cycle is important because it informs an organization’s management and decision-makers how well a product is performing and what strategic actions it will take to succeed. This helps companies allocate resources like staff, budgets, shows which products should be prioritized, and where the company should innovate next.

Other benefits of using the product life cycle include:

• Make better marketing investments and decisions
• Easier to make long-term plans
• Allows for better decision making with accurate information on performance
• Easier to streamline current processes within your company

Product Life Cycle Limitations

While using the PLC method certainly helps stakeholders plan, it does have limitations. The cycle breaks down performance over several stages, but unfortunately there is no way to tell how long each stage will last.

Complicating things further, not all products will move through these stages at the same pace. For example, a product may take longer to decline than others. Plus product managers run the risk of not dedicating enough effort and resources into a particular product if they think the product will decline, creating planned obsolescence – even if customers still use it.

In the late ‘60s, Harvard Business School professor Raymond Vernon developed this marketing theory in response to an economic model that failed to account for trends present in international trade – that’s why it was originally called the international product life cycle theory.

It stated that products developed in an international market had three phases:

• New product
• Maturing product
• Standardized product

Here’s a quick breakdown of his theory.

Vernon theorized a new product would perform best in its country of origin to keep manufacturing and production costs low. Once the product gained demand, companies could begin exporting to other countries and continue building local production plants in each new location.

Having these local plants would offer the flexibility to make changes to the product without incurring huge costs.

The standardized phase would involve an influx of competitors, which would lead the company to focus on driving down production and manufacturing costs to remain competitive. As the market becomes saturated and a new product gets introduced, the company loses its relevance in its home country and shifts gears to create something new, with the cycle beginning again.

Since then, the product life cycle theory has evolved to focus less on geography and more on marketing. Let’s dive into it next.

You can use this template to map out your own product's life cycle phases.

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Product Life cycle

Introduction of the product life cycle.

As shoppers, we purchase a large number of items consistently. Furthermore, much the same as us, these items have an existence cycle. More seasoned, since a long time ago settled products, in the end, turn out to be less well known, while interestingly, the interest for new, first stage, more current products, existing product’s life cycle, more often than not increments quickly after they are propelled. The demand for new products often increases rapidly after they are launched, leading to a saturation in the target market.

Since most organizations comprehend the diverse item life cycle stages, and that the items they offer all have a constrained life expectancy, the greater part of them will put intensely in the new item development stage with a specific end goal to ensure that their organizations keep on growing. Product life cycle management is crucial in ensuring the success and longevity of their offerings.

Product Life Cycle Stages 

The product life cycle theory is a concept that describes the stages a product goes through from introduction to eventual decline. It’s important because it helps businesses understand where their product is in its life cycle and make informed decisions about marketing, pricing, and product development strategies to meet customer needs.

with its qualities that mean diverse things for business that are endeavouring to deal with the life cycle of their specific products. 

Introduction Stage

This phase of the cycle could be the most costly for an organization propelling another product. The span of the market for the product is little, which implies deals are low, even though they will increment. Then again, the cost of things like innovative work, purchaser testing, and the promotion expected to dispatch the product, including production costs, can be high, particularly if it’s an aggressive area. However, exploring and expanding into new markets can lead to significant growth and profitability in the long run. 

Growth Stage

 –The development arrangement is normally portrayed by a solid development in deals and profitability, and because the organization can begin to profit by economies of scale in production, the profit margins, and also the general measure of benefit, will increment. This makes it feasible for organizations to put more cash into the limited-time movement to boost the capability of this growth phase and introduce new features.

Maturity Stage

 -During the development, the product is set up and the go for the maker is presently to keep up the piece of the introduction phase share they have developed. This is presumably the most focused time for most products and organizations need to put astutely in any advertising they attempt. They likewise need to think about any product alterations or upgrades to the production procedure which may give them an upper hand in understanding consumer behaviour.

Decline Stage

 – Eventually, the market for a product will begin to shrink, and this is what’s known as the decay organize. This shrinkage could be because of the market getting to be soaked (i.e. every one of the clients who will purchase the product has just bought it), or because the shoppers are changing to an alternate sort of product. While this decrease might be inescapable, it might, in any case, be feasible for organizations to make some benefit by changing to more affordable production strategies and less expensive markets, market research similar products.

Case study of sony product life cycle

SONY products as an example of the product life cycle

The conventional product life cycle bend is separated into four key stages of a product. Products initially experience the Introduction organize, before going into the Growth arrange. Next comes Maturity until in the long run, the product’s life cycle will enter the Decline organize. These cases show the various stages of the product life cycle for specific markets in more detail.

3D Televisions: 3D may have been around for a couple of decades, however simply after impressive speculation from telecasters and innovation organizations are 3D TVs accessible for the home, giving a decent case of a new product that is in the Introduction Stage. The packaging of these 3D TVs plays a crucial role in attracting consumers and creating a positive first impression.

Blue Ray Players: With cutting-edge innovation conveying the absolute best review involvement, Blue Ray gear is as of now appreciating the unfaltering increment in sales that is average of the Growth Stage. Marketers are constantly looking for ways to capitalize on this trend, and one company that has successfully done so is McDonald. They have incorporated product features that enhance the viewing experience and attract customers.

DVD Players: Introduced various years prior, makers that make DVDs, and the gear expected to play them, have built up a solid piece of the overall industry. Notwithstanding, despite everything they need to manage the difficulties from different technologies that are common for the Maturity Stage. DVD players continue to be a successful product in the market.

Video Recorders : While it is as yet conceivable to buy VCRs this is a product that is certainly in the Decline Stage, as it’s turned out to be less demanding and less expensive for shoppers to change to the next, more current formats. The lifecycle of VCRs, the stage of the product life cycle, has reached its decline phase, as consumers find it easier and cheaper to switch to newer formats. Product differentiation is crucial in this competitive market saturation to attract consumers and stand out from the competition.

Marketing Strategy of SONY:

Like most other superstar brands, SONY too has indicated a substantial spotlight on advertising and has substantiated itself more quick-witted than others around there. While computerized showcasing is at the focal point of this methodology, the brand has additionally utilized alternate channels for successful marketing campaigns and the advancement of its image and products. SONY has utilized an imaginative advancement blend to achieve its clients.

Three components are very particular about its promoting methodology. The principal component is a product. When you have your product blend right, you have little to fear from your rivals. Sony’s emphasis is on planning, quality and innovation around there. Aside from being innovatively effective, its products are superior to most as far as quality and plan as well. Sony has substantiated itself remarkably as far as product quality and plan. Its evaluation and advancements methodology are the other two vital components in its promoting technique. An exceptional evaluating procedure compares to the top-notch picture of SONY and its products in the United States. Additionally, Sony’s focus on ROI ensures a successful marketing strategy and brand awareness.

The product life cycle refers to the stages that a product goes through from its introduction to its eventual decline in the market. It is important for businesses to understand this cycle as it helps them make informed decisions regarding product development, marketing strategies, and resource allocation.

Sony’s consumption of publicizing and advancements is high. The substantial promoting spending plan likewise mirrors the overwhelming rivalry in the hardware business. At the point when the opposition in the business is as high, you have to demonstrate to some degree more profound spotlight on showcasing and advancement. SONY’s marking methodology to a substantial degree has assumed a solid part at helping it conquer the focused weight. 

Another stage that has assumed a focal part of SONY’s promoting system is online networking. Online networking can be a noteworthy help if you can outline an innovative client encounter. SONY has utilized online networking for both client engagement and advancement of its products. Aside from a huge number of adherents and a few prominent Facebook and Twitter pages, there is considerably more than SONY is doing through online networking. It has additionally utilized Pinterest and Google in addition to showcasing and advancement. 

SONY’s system has constantly centred around client agreeableness and more profound lucidity. The credit goes to SONY’s innovative execution that it has been so effective at drawing in its adherents through online networking channels. 

Be that as it may, the story isn’t restricted to only the computerized channels because SONY is also knowledgeable at utilizing conventional channels. It utilizes conventional channels too adroitly. One can run over its advertisements in open-air areas like announcements and behind transports and on the dividers. The promotions of SONY’s top-notch TVs are effectively found on extensive sparkling announcements in the metropolitan territories. 

While SONY has utilized an excellent valuing technique like Apple still it has its own particular vast fan section with high brand dedication. This top-notch evaluating system passes on an excellent brand picture and a top-notch client encounter. Generally, SONY’s advertising methodology is exceptional from many perspectives. 

Conclusion: 

In conclusion, the product life cycle is a vital idea inside an association. With a specific end goal to influence a product to get by in the market as far as might be feasible, it is extremely fundamental for the advertisers to comprehend the product life cycle to give/outline viable showcasing systems for each period of PLC. A powerful administration of PLC will most likely expand its life and pick up development in the aggressive market. To know more about the product life cycle

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Product Lifecycle

A product strategy is dynamic and evolves alongside the product. The Product Owner adjusts it over time to reflect changes in the market and customer behaviors. From the initial introduction of a product to eventual decline, each phase of the product life cycle presents unique challenges and opportunities. By understanding in which stage a product is in its life cycle, organizations and Scrum Teams can apply and adapt their product strategy allowing them to stay competitive and serve their customer’s needs.

One way to do this is by using the product life cycle model as a guide to track the different stages a product goes through from market introduction to market withdrawal. 

                                                                  Image Source: Red Tangerine

Though the model appears to be linear, products do not always move from one stage to the next one. In reality, they tend to shift back and forward between stages, depending on the goals that are being pursued and the product strategy that is being applied. Just like a dying tree could be nourished back to good health with the right care, a product strategy could create new opportunities for a mature or declining product. What strategy to use at what stage depends on context as shown in the following examples.

Introduction Product Launch! At this stage there are many unknowns and demand for the product will still need to be created. Questions to explore as part of the product strategy might be focusing on the launch of your new product such as:

• How to launch the product?
• How do we create demand for our product?
• How to penetrate the market? 
• How to achieve product-market fit?
• What audience are we targeting?

Growth In this phase the product is growing, there is an increasing demand for the product, the number of users is getting larger and sales are growing. At this stage, the product strategy might focus on questions such as: 

• How can we increase our market share? 
• What can we do to ensure our product stays attractive and therefore preserve its growth? 
• What audience are we targeting? Has our audience changed? What audience could we target to expand?  

Maturity A sign that a product has entered the mature stage is when it has stopped growing, meaning it has stagnated and there is a struggle to increase the number of users and the benefits the product creates for the organization. As part of the strategy questions such as below can be worth exploring:

• How deep is our product in maturity? Has it only recently stagnated or has this been going on for some time?
• Is it worth adapting our product or product offering to increase desirability and attract new users?
• Is it worth introducing our product to new markets? 
• Should we let the product mature and plan on how to transition to new product development?
• Who is our current audience? How do we maintain market share with them?  

Decline When a product is not benefiting the company and customer anymore or taking away from another product that the company thinks is superior, it is time to consider retiring the product. When a Product Owner has decided to retire a product, they should plan how they will discontinue it. An important step is to identify the audience who is still using the product. This helps with developing new products, and formulating a new product onboarding approach. It also helps you provide a plan for your current customers and user to move to other options so that they are not left sidelined. Some questions to explore as you consider retiring your product are:

• What data and information do we have to support the case for retiring our product?
• Has the market changed? How much unrealized (potential) value is there left to pursue?
• Does our product still benefit our organization?
• Does our product still benefit our customers?
• Is this product still aligned with the organization’s strategic goals?
• Who is our audience? What are their needs? Are they worth satisfying with this product or another solution?  

Knowing where a product is in its life cycle enables the Product Owner to make informed decisions that drive the product's success and ensure its relevance in the market.  

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What Is the Product Life Cycle?

• How It Works
• Limitations

Product Life Cycle vs. BCG Matrix

• Introduction and Maturity

The Bottom Line

• Small Business

Product Life Cycle Explained: Stage and Examples

Ariel Courage is an experienced editor, researcher, and former fact-checker. She has performed editing and fact-checking work for several leading finance publications, including The Motley Fool and Passport to Wall Street.

The term product life cycle refers to the length of time from when a product is introduced to consumers into the market until it's removed from the shelves. This concept is used by management and by marketing professionals as a factor in deciding when it is appropriate to increase advertising, reduce prices, expand to new markets, or redesign packaging. The process of strategizing ways to continuously support and maintain a product is called product life cycle management .

Key Takeaways

• A product life cycle is the amount of time a product goes from being introduced into the market until it's taken off the shelves.
• There are four stages in a product's life cycle—introduction, growth, maturity, and decline.
• A company often incurs higher marketing costs when introducing a product to the market but experiences higher sales as product adoption grows.
• Sales stabilize and peak when the product's adoption matures, though competition and obsolescence may cause its decline.
• The concept of product life cycle helps inform business decision-making, from pricing and promotion to expansion or cost-cutting.

Investopedia / Xiaojie Liu

How the Product Life Cycle Works

Products, like people, have life cycles. The life cycle of a product is broken into four stages—introduction, growth, maturity , and decline.

A product begins with an idea, and within the confines of modern business, it isn't likely to go further until it undergoes research and development (R&D) and is found to be feasible and potentially profitable. At that point, the product is produced, marketed, and rolled out. Some product life cycle models include product development as a stage, though at this point, the product has not yet been brought to customers.

As mentioned above, there are four generally accepted stages in the life cycle of a product. Here are details about each one.

Introduction Stage

The introduction phase is the first time customers are introduced to the new product. A company must generally includes a substantial investment in advertising and a marketing campaign focused on making consumers aware of the product and its benefits, especially if it is broadly unknown what the item will do.

During the introduction stage, there is often little-to-no competition for a product, as competitors may just be getting a first look at the new offering. However, companies still often experience negative financial results at this stage as sales tend to be lower, promotional pricing may be low to drive customer engagement, and the sales strategy is still being evaluated.

Growth Stage

If the product is successful, it then moves to the growth stage. This is characterized by growing demand , an increase in production, and expansion in its availability. The amount of time spent in the introduction phase before a company's product experiences strong growth will vary from between industries and products.

During the growth phase, the product becomes more popular and recognizable. A company may still choose to invest heavily in advertising if the product faces heavy competition. However, marketing campaigns will likely be geared towards differentiating its product from others as opposed to introducing the goods to the market. A company may also refine its product by improving functionality based on customer feedback.

Financially, the growth period of the product life cycle results in increased sales and higher revenue. As competition begins to offer rival products, competition increases, potentially forcing the company to decrease prices and experience lower margins.

Maturity Stage

The maturity stage of the product life cycle is the most profitable stage, the time when the costs of producing and marketing decline. With the market saturated with the product, competition now higher than at other stages, and profit margins starting to shrink, some analysts refer to the maturity stage as when sales volume is "maxed out".

Depending on the good, a company may begin deciding how to innovate its product or introduce new ways to capture a larger market presence. This includes getting more feedback from customers, and researching their demographics and their needs.

During the maturity stage, competition is at the highest level. Rival companies have had enough time to introduce competing and improved products, and competition for customers is usually highest. Sales levels stabilize, and a company strives to have its product exist in this maturity stage for as long as possible.

A new product needs to be explained, while a mature product needs to be differentiated.

Decline Stage

As the product takes on increased competition as other companies emulate its success, the product may lose market share and begin its decline. Product sales begin to drop due to market saturation and alternative products, and the company may choose to not pursue additional marketing efforts as customers may already have determined whether they are loyal to the company's products or not.

Should a product be entirely retired , the company will stop generating support for it and will entirely phase out marketing endeavors. Alternatively, the company may decide to revamp the product or introduce a next-generation, completely overhauled model. If the upgrade is substantial enough, the company may choose to re-enter the product life cycle by introducing the new version to the market.

The stage of a product's life cycle impacts the way in which it is marketed to consumers. A new product needs to be explained, while a mature product needs to be differentiated from its competitors.

Advantages of Using the Product Life Cycle

The product life cycle better allows marketers and business developers to better understand how each product or brand sits with a company's portfolio. This enables the company to internally shift resources to specific products based on those products' positioning within the product life cycle.

For example, a company may decide to reallocate market staff time to products entering the introduction or growth stages. Alternatively, it may need to invest more cost of labor in engineers or customer service technicians as the product matures.

The product life cycle naturally tends to have a positive impact on economic growth, as it promotes innovation and discourages supporting outdated products. As products move through the life cycle stages, companies that use the product life cycle can realize the need to make their products more effective, safer, efficient, faster, cheaper, or better suited to client needs.

Limitations of Using the Product Life Cycle

Despite its utility for planning and analysis, the product life cycle doesn't pertain to every industry and doesn't work consistently across all products. Consider popular beverage lines whose primary products have been in the maturity stage for decades, while spin-offs or variations of these drinks from the same company have failed.

The product life cycle also may be artificial in industries with legal or trademark restrictions. Consider the new patent term of 20 years from which the application for the patent was filed in the United States. Though a drug may be just entering their growth stage, it may be adversely impacted by competition when its patent ends regardless of which stage it is in.

Another unfortunate side effect of the product life cycle is prospective planned obsolescence. When a product enters the maturity stage, a company may be tempted to begin planning its replacement. This may be the case even if the existing product still holds many benefits for customers and still has a long shelf life. For producers who tend to introduce new products every few years, this may lead to product waste and inefficient use of product development resources.

Notification messages such as Microsoft's alert that Windows 8.1 will sunset on January 2023 is an example of decline. Due to obsolescence of the operating system, Microsoft is choosing to no longer support the product and instead focus resources on newer technologies.

A similar analytical tool to determine the market positioning of a product is the Boston Consulting Group (BCG) Matrix . This four-square table defines products based on their market growth and market share:

• "Stars" are products with high market growth and high market share.
• "Cash cows" are products with low market growth and high market share.
• "Question marks," also known as "problem children," are products with high market growth and low market share.
• "Dogs" are products with low market growth and low market share.

Although there is no direct relationship between the matrix and the product life cycle concept, both analyze a product's market growth and saturation. However, the BCG Matrix does not traditionally communicate the direction in which a product will move. For example, a product that has entered the maturity stage of the product life cycle will likely experience decline next; the BCG Matrix does not communicate this product flow in its visual depiction.

Introduction and Maturity: Special Considerations

Companies that have a good handle on all four stages can increase profitability and maximize their returns . Those that aren't able to may experience an increase in their marketing and production costs, ultimately leading to the limited shelf life for their product(s).

Back in 1965, Theodore Levitt, a marketing professor, wrote in the Harvard Business Review that the innovator is the one with the most to lose because so many truly new products fail at the first phase of their life cycle—the introductory stage. The failure comes only after the investment of substantial money and time into research, development, and production. This fact prevents many companies from even trying anything really new. Instead, he said, they wait for someone else to succeed and then clone the success.

To cite an established and still-thriving industry, television program distribution has related products in all stages of the product life cycle. OLED TVs are in the mature phase, programming-on-demand is in the growth stage, DVDs are in decline, and the videocassette is extinct.

Many of the most successful products on earth are suspended in the mature stage for as long as possible, undergoing minor updates and redesigns to keep them differentiated. Examples include Apple computers and iPhones, Ford's best-selling trucks, and Starbucks' coffee—all of which undergo minor changes accompanied by marketing efforts—are designed to keep them feeling unique and special in the eyes of consumers.

Examples of Product Life Cycles

Many brands that were American icons have dwindled and died. Better management of product life cycles might have saved some of them—or perhaps their time had just come.

Oldsmobile began producing cars in 1897. After merging with General Motors in 1908, the company used the first V-8 engine in 1916. By 1935, the one millionth Oldsmobile had been built. In 1984, Oldsmobile sales peaked, selling more cars in that year than any other year. By 2000, General Motors announced it would phase out the automobile and, on April 29th, 2004, the last Oldsmobile was built.

Woolworth Co.

In 1905, Frank Winfield Woolworth incorporated F.W. Woolworth Co., a general merchandise retail store. By 1929, Woolworth had about 2,250 outlet stores across the United States and Britain, Decades later, due to increased competition from other discount retailors, Woolworth closed the last of its variety stores in the United States in 1997 to increasingly focus on sporting goods.

On April 23, 1985, Coca-Cola announced a new formula for its popular beverage, referred to as "new Coke." Coca-Cola's market-share lead had been decreasing over the past 15 years, and the company decided to launch a new recipe in hopes of reinvigorating product interest. After its launch, Coca-Cola's phone line began receiving 1,500 calls per day, many of which were to complain about the change. Protest groups recruited 100,000 individuals to support their cause of bringing "old" Coke back.

A stunning 79 days after its launch, "new Coke's" full product life cycle was complete. Though the product didn't experience much growth or maturity, its introduction to the market was met with heavy protest. Less than three months after it announced its new recipe, Coca-Cola announced it would revert its product back to the original recipe.

What Are the Stages of the Product Life Cycle?

The product life cycle is defined as four distinct stages: product introduction, growth, maturity, and decline. The amount of time spent in each stage will vary from product to product, and different companies have different strategic approaches to transitioning from one phase to the next.

What Are Product Life Cycle Strategies?

Depending on the stage a product is in, a company may adopt different strategies along the product life cycle. For example, a company is more likely to incur heavy marketing and R&D costs in the introduction stage. As the product becomes more mature, companies may then turn to improving product quality, entering new segments, or increasing distribution channels. Companies also strategically approach divesting from product lines including the sale of divisions or discontinuation of goods.

What Is Product Life Cycle Management?

Product life cycle management is the act of overseeing a product's performance over the course of its life. Throughout the different stages of product life cycle, a company enacts strategies and changes based on how the market is receiving a good.

Why Is Product Life Cycle Important?

Product life cycle is important because it informs management of how its product is performing and what strategic approaches it may take. By being informed of which stage its product(s) are in, a company can change how it spends resources, which products to push, how to allocate staff time, and what innovations they want to research next.

Which Factors Impact a Product's Life Cycle?

Countless factors can affect how a product performs and where it lies within the product life cycle. In general, the product life cycle is heavily impacted by market adoption, ease of competitive entry, rate of industry innovation, and changes to consumer preferences. If it is easier for competitors to enter markets, consumers change their mind frequently about the goods they consume or the market becomes quickly saturated. Then, products are more likely to have shorter lives throughout a product life cycle.

Broadly speaking, almost every product sold undergoes the product life cycle. This cycle of market introduction, growth, maturity, and decline may vary from product to product—or industry to industry. However, this cycle informs a company of how to best utilize its resources, what the future outlook of their product is, and how to strategically plan for bringing new products to market.

Food and Drug Administration. " Frequently Asked Questions on Patents and Exclusivity ."

Microsoft. " Windows 8 and Windows 8.1 End of Support and Office ."

Harvard Business Review. " Exploit the Product Life Cycle ."

Oldsmobile Club of America. " History of Oldsmobile ."

Britannica. " Woolworth Co. "

The Coca-Cola Company. " The Story of One of the Most Memorable Marketing Blunders Ever ."

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European Journal of Marketing

ISSN : 0309-0566

Article publication date: 7 January 2022

Issue publication date: 2 February 2022

This paper aims to respond to calls in academia for an update of the product lifecycle (PLC). Through a systematic literature review, the authors provide an updated agenda, which aims to advance the PLC concept in research, teaching and practice.

Design/methodology/approach

The authors started by surveying 101 marketing academics globally to ascertain whether a PLC update was viewed necessary and beneficial in the marketing community and thereafter conducted citation analysis of marketing research papers and textbooks to ascertain PLC usage. The subsequent literature review methodology was split into two sections. First, 97 empirical articles were reviewed based on an evaluative framework. Second, research pertaining to the PLC determinants were assessed and discussed.

From the results of this review and primary data from marketing academics, the authors find that the method of predicting the PLC based on past sales has been largely unsuccessful and perceived as somewhat outdated. However, a new stream of PLC literature is emerging, which takes a consumer-centric perspective to the PLC and has seen more success at modeling lifecycles in various industries.

Research limitations/implications

First, the study outlines the most contemporary and successful methodological approaches to modeling the PLC. Namely, the use of artificial intelligence, big data, demand modeling and consumer psychological mechanisms. Second, it provides several future research avenues using modern market trends such as sustainability, globalization, digitization and Covid-19 to push the PLC into the 21st century.

Originality/value

The PLC has shown to be resolutely popular in management application and education. However, without a continued effort in academic PLC research to update the knowledge around the concept, its use as a productive management tool will likely become outdated. This study provides a necessary and comprehensive literature update resulting in actionable future research and teaching agendas intended to advance the PLC concept into the modern market context.

• Product lifecycle
• Research agenda

Iveson, A. , Hultman, M. and Davvetas, V. (2022), "The product life cycle revisited: an integrative review and research agenda", European Journal of Marketing , Vol. 56 No. 2, pp. 467-499. https://doi.org/10.1108/EJM-08-2020-0594

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Case Studies for Product Management: A Deep Dive

We can all agree that applying real-world product management strategies is crucial for success.

This comprehensive guide dives deep into illuminating case studies across various industries, providing actionable insights on critical decision-making frameworks.

Introduction to Product Management Case Studies

Product management involves overseeing a product from conception to production to ensure it meets customer needs. Frameworks like the Product Development Life Cycle provide structure for taking a product through different stages like planning, prototyping, development, and growth.

Studying real-world examples is invaluable for gaining insight into successful product strategies across industries. By analyzing concrete case studies, product managers can understand how top companies conceptualize, develop, and improve their offerings.

Defining Product Management and its Frameworks

The role of a product manager is to understand customer needs and guide development of solutions. This involves research, planning, coordination across teams, and analysis.

Some key frameworks provide processes for product managers:

• Product Development Life Cycle - Conceptualization, Development, Growth, Maturity Decline
• Jobs To Be Done - Focusing on the job the customer aims to get done
• Design Thinking - Empathizing, Defining, Ideating, Prototyping, Testing

These frameworks help structure product decisions and strategy.

Importance of Best Case Studies for Product Management

Analyzing detailed examples of product management in action provides:

• Real-world demonstrations of frameworks
• Examples of product development decisions
• Insights into product successes and failures
• Strategies across industries and product types

By studying case studies, product managers can learn best practices to apply in their own work.

Overview of Industries and Product Case Study Examples

Upcoming sections will explore product management case studies from:

• Technology - Software, hardware, apps
• Retail & ecommerce - Online and brick-and-mortar stores
• Financial services - Banks, investment platforms
• Healthcare - Electronic medical records, patient apps

Specific companies like Apple, Nike, Intuit, Kaiser Permanente will be used to demonstrate product decisions.

What are case studies for Product management?

Case studies provide in-depth analyses of how real products were developed, launched, and iterated on over time in order to achieve success. They offer product managers valuable insights into proven product management strategies across various industries.

By examining case studies, product managers can learn how top companies approached critical activities like:

• Conducting market research
• Defining product requirements based on user needs
• Prioritizing features and functionality
• Developing prototypes and minimum viable products (MVPs)
• Designing effective user experiences
• Iterating based on user feedback
• Tracking key metrics and optimizing
• Developing go-to-market strategies
• Scaling successfully

Additionally, case studies allow readers to understand the reasoning behind key decisions, including both successes and failures. They provide a unique inside look at product development processes through real examples.

Overall, product management case studies enable new and experienced product managers to enhance their approach by learning from past experiences across a diverse range of companies, products, and industries.

How to make structure in case studies for Product management?

Studying product management case studies is a key step to understanding real-world examples of product strategies and decision-making. When analyzing case studies, having a clear framework helps extract key insights. Here are four steps to structure your analysis:

Evaluate the Need

• What customer problem does the product solve?
• How was the need validated through research?
• What metrics indicate the market size and demand?

Validate the Solution

• How does the product solution address the key pain points?
• Were experiments and prototypes done to validate assumptions?
• What early traction or usage metrics demonstrate solution fit?

Set Goals and KPIs

• What key goals and objectives guide the product roadmap?
• How do key performance indicators track progress towards goals?
• What metrics align to the customer and business goals?

Evaluate Decisions and Outcomes

• What key decisions shaped the product strategy and features?
• How did experiments and iterations impact the product direction?
• What final business and customer results were achieved?

Using this structure ensures you gather insights across the product lifecycle - from identifying needs, defining solutions, to measuring outcomes. Analyzing case studies this way quickly reveals the key decisions and strategies behind a product's success.

What are the 4 types of case study?

Case studies are an effective way to showcase examples of successful product management strategies and provide valuable insights into real-world scenarios. There are four main types of case studies:

Illustrative Case Studies

These provide a descriptive overview of a product, business, or industry. They tell the story of a product's development, struggles and successes. Illustrative case studies help set the scene and provide context.

Exploratory Case Studies

Also known as pilot case studies, these are condensed case studies performed before implementing a large scale investigation. They aim to gather preliminary data and help determine the focus, design and feasibility of a larger case study.

Cumulative Case Studies

These aggregate quantitative information from several sites or sources. They compile data in order to answer a research question, like assessing the performance of a product across a variety of markets.

Critical Instance Case Studies

These examine a single instance of intense interest. They provide valuable insights from a business success or failure. For product managers, these help illustrate how even minor details can impact product adoption and performance.

How to prepare for case study interview for product manager?

Preparing for a case study interview as a product manager candidate requires focused preparation across four key areas:

Understanding the Case Study

• Research the company, product, industry, and business context thoroughly to identify potential issues and scenarios the case study may present.
• Review your knowledge of key product management frameworks like market sizing, PRD writing, prioritization matrices, and financial modeling to brush up on core competencies.

Knowing the Interviewers

• Understand the background and seniority level of the interviewers. More senior panelists may expect more strategic thinking vs tactical execution.
• Identify any particular viewpoint an interviewer may bring given their role - engineering, design, growth, etc.

Setting Assumptions

• Clarify any assumptions you can make about the case details upfront instead of getting derailed later.
• Be ready to set limitations around scope, resources, timelines, budgets, or success metrics if not explicitly provided.

Applying Strategy

• Use an open-ended, discovery-based approach for broad business challenges without an obvious solution path.
• Leverage a more narrow, focused analytical strategy for executional cases with clearer parameters.

Following this four-step approach when preparing for a case study interview enables product manager candidates to systematically evaluate the situation, tailor their approach, and demonstrate strong analytical abilities sought after in PMs. The ability to clarify, strategize, and execute under ambiguity is what interviewers look for.

Product Development Case Studies

This section features examples of innovative and user-focused product development processes that led to successful outcomes.

Apple iPod's Intuitive Design Principles

Apple's development of the iPod is a great case study for simple, intuitive product design centered around understanding user needs. When Apple was developing the iPod, they focused extensively on the user experience and identifying pain points in existing MP3 players.

Some key insights that guided the iPod's design:

• Users wanted to easily carry their whole music library with them
• Managing and scrolling through huge song libraries was tedious
• Existing players had complex, confusing controls

To address these issues, Apple designed the click wheel interface to make scrolling through songs incredibly simple and fast. The intuitive menu system also made adding songs easy. And using a compact, hard drive-based design allowed the iPod to store thousands of songs so users could carry their whole library.

The end result was a revolutionary product that felt almost magical to use because it understood and solved core user needs so well. The iPod's intuitive design shows how focusing on user experience over specs can lead to market-defining products.

Iterative Improvement in Google Maps

Google Maps exemplifies a data-driven, iterative approach to product improvement. After launching Maps in 2005, Google constantly monitored usage metrics and user feedback to guide improvements.

Some key iterative changes:

• Added more business information and integrated reviews after seeing people search for places
• Improved driving directions with features like traffic data and alternative routes based on user complaints
• Added Street View and walking directions to address user needs beyond just driving

This methodical improvement process, driven by real user data, allowed Google Maps to completely dominate digital mapping and navigation despite strong competition from established players like MapQuest early on.

The ongoing success of Google Maps highlights that launching the perfect product out of the gate is nearly impossible - you need an iterative process fueled by usage metrics and user input.

Amazon Kindle: Filling the Market Gap

The Amazon Kindle provides an excellent case study in identifying and addressing gaps in existing markets. The Kindle team realized there were no truly great hardware devices focused exclusively on long-form reading.

They saw an opportunity to create a better reading experience by analyzing pain points with physical books:

• Books can be heavy and bulky during travel
• Finding new books means physically going to stores
• Paying for individual books adds up in cost

To solve these user problems, Amazon designed the Kindle ereader hardware to be extremely portable while giving on-demand access to Amazon's massive ebook library.

Additionally, they offered subscriptions and cheaper pricing models for digital content through the Kindle Store ecosystem. This revolutionary approach filled the market gap for dedicated digital reading hardware and content delivery that consumers were waiting for.

The runaway success of Kindle highlights the opportunities in understanding pain points with current solutions and addressing them with innovative new products.

Product Management Case Study Framework

Case studies provide invaluable insights into real-world applications of product management best practices. By analyzing examples of successful and failed product launches, product managers can identify effective frameworks to guide strategic decision-making. This section explores key frameworks evident across product management case studies and how cross-functional teams, market validation techniques, and lean principles contribute to positive outcomes.

Utilizing Cross-Functional Teams

Collaborative teams comprising diverse expertise increase the likelihood of creating products that effectively solve customer needs. Case studies demonstrate that supporting collaboration between product managers, engineers, designers, and business stakeholders leads to:

• Enhanced understanding of customer problems
• Validation of product solutions against real user needs
• Improved transparency and buy-in across organizations

For example, the case study XYZ shows that increased coordination between product and engineering during development boosted software quality by 34%. Similarly, early designer inclusion at ACME refined the user interface and improved conversion rates after launch.

Market Research and Validation

Case studies consistently highlight the importance of upfront market analysis and continuous customer validation to create successful products. Common factors include:

• Comprehensive competitor analysis to identify market white space
• Dedicated qualitative and quantitative market research around problem/solution fit
• Multiple rounds of prototype tests with target users at each product stage gate

The case study for 123Workforce illustrates this. By gathering over 500 customer discovery interviews, the product validated strong demand for a new employee scheduling tool. This market validation supported business case approval to build an MVP.

Lean Product Development Techniques

Case studies demonstrate that lean principles enable effective product iteration based on real user feedback versus internal assumptions. Specifically:

• Minimum viable product (MVP) releases help fail fast and cheaply
• Continuous build-measure-learn loops rapidly incorporate user inputs
• Evidence-based prioritization focuses on the highest customer value features

For example, PlanHub’s early MVP launch gathered inputs from initial users to refine core features rather than overinvesting upfront. This lean approach facilitated quicker time-to-market and product-market fit.

In summary, case study analysis provides frameworks to help product managers incorporate cross-functional participation, customer validation, and lean methods for successful product outcomes.

Product Launch and Marketing Case Studies

This section highlights creative, strategic product launches and marketing initiatives that generated significant consumer interest.

Dropbox's Innovative Referral Program

Dropbox pioneered referral marketing in the SaaS industry with its onboarding flow that rewarded users for sharing the product. This helped Dropbox rapidly acquire customers in a capital-efficient way in the early stages.

Some key aspects of Dropbox's referral scheme that made it effective:

• Frictionless sharing: Users could easily access a unique referral link to share Dropbox with friends and family. The seamless referral integration incentivized sharing.
• Reward structure: Both referrer and referee got extra storage space for signing up, appealing to primary needs of users.
• Virality: Strong incentive structure combined with easy sharing options enabled Dropbox's impressive viral coefficient.

The referral program strategy supported Dropbox's rapid user base growth and helped establish it as a leading file hosting/sharing SaaS application.

Leveraging Slack's Freemium Model

Slack employed a tactical shift from a paid-only model to a freemium pricing strategy. This opened doors for viral enterprise adoption by allowing teams to try Slack's communication software for free up to a usage limit.

Key aspects that made Slack's freemium work:

• Generous free tier: The free version provided enough value for small teams to collaborate. This established stickiness.
• Self-service signup: Smooth self-service signup enabled easy adoption by businesses without sales interaction.
• Virality features: Free teams could invite other free teams, propagating usage. Upgrades were natural with business growth.

Enabling teams to try the product risk-free via the freemium version supported Slack's rapid business growth . It helped position Slack for success in the team communication software market.

Peloton's Premium Positioning

Peloton pioneered the high-tech fitness bike concept with integrated digital content. Its marketing focused on positioning Peloton as a premium product to justify the $2000+ pricing.

Strategic aspects of Peloton's positioning:

• Targeted high-income consumers who valued premium brands as status symbols. This supported the elevated pricing.
• Curated aspirational brand content around exclusive lifestyles to promote product desire. Raked in sales despite pricing.
• Stimulated engagement via leaderboards and social features to lock in recurring subscription revenue.

The premium marketing positioning strategy enabled Peloton to drive rapid sales growth despite its high ticket prices relative to traditional exercise bikes.

Product Management Case Study Interview Insights

Case study interviews are a crucial part of the product management interview process. They allow candidates to demonstrate their analytical thinking, problem-solving abilities, and understanding of user experience best practices. Preparing for case study questions and mastering methods like the STAR approach can help PM candidates stand out.

Mastering the STAR Method

The STAR method is an effective framework for structuring responses to case study interview questions. STAR stands for:

• Situation - Set the context by concisely outlining the background of the case study.
• Task - Describe the problem you need to solve or goals you need to achieve.
• Action - Explain the step-by-step process you would take to address the situation. Show your analytical approach.
• Result - Share the outcome of your proposed actions and how they achieve the desired goals. Quantify the impact if possible.

Using the STAR method demonstrates you can methodically break down complex issues and drive towards solutions. When executed well, it highlights critical PM skills like prioritization, metrics-driven thinking, and cross-functional collaboration .

Analytical Thinking and Problem-Solving

Case study interviews evaluate your comfort with ambiguity and your capacity to structure unclear problems. Interviewers look for analytical thinking - your ability to synthesize data, identify root causes, and balance tradeoffs.

Shine a light on your analytical abilities by:

• Asking clarifying questions before diving into solutions
• Mapping out all stakeholders and components of the system
• Determining which metrics are most important and relevant to track
• Proposing hypotheses before making decisions
• Quantifying the impact of your recommendations with estimates

This showcases your aptitude for breaking down and solving complex product challenges.

Highlighting User Experience Outcomes

While analytics are crucial, PMs must balance quantitative rigor with qualitative empathy. Case studies let you demonstrate user centricity - evaluating ideas through the user's eyes.

To highlight UX sensibilities, discuss how your solutions:

• Simplify or improve key user flows
• Reduce friction during onboarding
• Increase retention by solving pain points
• Improve satisfaction via new delighters

This underscores the customer value created and your ability to advocate for users. Quantify improvements to showcase your user focus.

Ongoing Product Management Case Studies

This section focuses on outstanding examples of continually evolving products by listening to users and proactively addressing their needs.

Duolingo: Mastering App Gamification

Duolingo has refined their app over time to balance user enjoyment and motivation to drive engagement. For example, they introduced timed practice sessions and streak bonuses to incentivize daily use. They also gamified the experience with virtual rewards and levels to make language learning fun. As a result, Duolingo has over 500 million downloads and has become the world's most popular language learning app. Their case demonstrates the value of continually optimizing gamification elements based on usage data.

Amazon: A Culture of Customer Obsession

Amazon's customer-centric culture focuses on constant refinement of the user experience. For example, they use customer feedback and behavior data to surface relevant products and recommendations. They also optimize delivery speed and convenience through initiatives like Prime and same-day delivery. This obsession with understanding and serving customers has helped Amazon dominate multiple industries online. Product teams can learn from Amazon's disciplined approach of aggregating signals from users and translating insights into interface improvements.

Uber: Strategic Market Expansion

Rather than rapidly expanding globally, Uber tailored its rollout strategy city-by-city. This allowed them to adapt their product and operations to address local needs. For example, they integrated cash payments in India where credit card use is lower. They also customized promotions and subsidies by market to balance growth and profitability. Uber's patient but deliberate expansion enabled sustainable gains that a rushed, untargeted strategy may have compromised. Their expansion playbook demonstrates the merits of crafting versatile products that serve regional variations.

Key Takeaways and Best Practices

The product management case studies explored demonstrate several essential insights and best practices:

The Centrality of User-Centricity

Deep understanding of user needs and putting the customer first were critical success factors across many examples. Companies that made user research and testing core to their process were best able to refine their offerings.

The Power of Continuous Iteration

Few companies got their product right from day one. The most effective demonstrated a commitment to constant iteration based on user feedback rather than striving for perfection at launch.

Innovative Strategies in Action

We saw clever approaches to pricing, promotion and user acquisition. For example, one company offered free plans to students to drive adoption and another used influencer campaigns on social media to increase awareness.

Latest Posts

This article will explore how product management side projects can catalyze professional development by allowing you to experiment with new methodologies and enhance your skillset.

This comprehensive guide promises to equip you with a structured approach to tackling product case studies. You'll gain frameworks to methodically analyze prompts and craft insightful solutions.

Through real-world application, valuable feedback, and community engagement with groups like The Product Folks, PMs can significantly accelerate their skill development and expertise in the dynamic field of product management.

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• Product Life Cycle

What is the Product Life Cycle?

The Product Life Cycle describes the evolution of the Popularity of a Product from its first launch to its end .

Popularity? Yes.

• No matter if you are interested in Sales, Benefits… All those factors depend on how Popular a product is .

There are multiple factors that affect these Life Cycles and, therefore, they can have very different shapes.

Here, we analyze which are the most common Life Cycles you can expect.

• We have investigated some of the most “popular” products, their life cycles and why they evolved that way .

But, first of all , we should mention the 4 stages that all Product Life cycles experience:

4 Stages of Product Life Cycle

Do you remember what they tough you at school when you were 5?

• We grow up.
• We procreate.
• We get old.

Well… The 4 Stages of a Product are exactly the same, except in the “procreation” stage.

4 Stages of Product Life Cycle.

This is the traditional Life Cycle we have all studied in the books.

But… How can we measure the Popularity of a Product?

Easy: We use G o o g l e Trends .

• We recommend you to check our “ How to use Google Trends ” Page.

Let’s see a product that perfectly exemplifies these 4 stages:

Product Life Cycle example

In case you don’t know, MySpace was one of the first social networking Sites.

Years went by, and it simply disappeared (due to a terrible management).

• Moreover, other new, and better option appeared: Facebook.

Let’s analyze the Popularity of MySpace with Google Trends:

Google Trends results: Interest in “Myspace”.

As you can see in the image above, its Life Cycle evolved exactly as you would expect, according to the theory.

• It is very easy to identify its Introduction, Growth, Maturity and Decline stages .

The question is the next:

• Do all Product Life Cycles evolve in this way?
• Is this a normal average Life Cycle?

The answer is: No .

• In fact, it has been difficult for us to find this traditional-shape example.

As we mentioned before, Product Life Cycles behave in very different ways.

The Key is to identify what makes them to evolve one way or another .

• That way, you could forecast how a product will perform, in advance.

And that is what we have done.

We have identified 3 Main parameters that determine How a Product Life Cycle will evolve.

• Then, we have established different Types of Life Cycles, depending on these parameters.

Product Life Cycles with Examples

The 3 most important parameters when analyzing Product Life Cycles are:

• Product : If it is a New or an Old Product.
• Concept : If it is a New or an Old Concept.
• Easy to Copy : If it it is Easy to Copy or Not .

Product Life Cycle 3-parameters Matrix proposed by Consuunt.

As you can appreciate in the Image above, we have established 6 main Life Cycles (we’ll add 1 more).

• Economical crisis.
• New competitors.
• Legal issues.

Why haven’t we contemplated an Old Product – Old Concept scenario?

• It is axiomatic that, when someone puts something on the Market, whatever it is, it will have something new (even if it is only the color).

But what is the difference between Product and Concept?

• We’ll explain it to you now, with different examples.

As in any rigorous study, we first need a control sample:

Reference Product Life Cycle

We could have chosen a Coke, the Big Mac, a Whopper…

But we have chosen one of the most iconic cars ever produced: the Ford Mustang.

Its name has remained as synonym of powerful, strong and reliable car.

This iconic Product doesn’t lose Popularity , and that is why we have chosen it as our reference Product Life Cycle.

Google Trends results: Interest in “Ford Mustang”.

This flat line means that people is as interested in it today, as they were years ago .

Now, let’s analyze the 6 (+1) different Product Life Cycles that you can expect according to the 3 parameters that we previously explained:

1. New Product - New Concept - Easy to Copy

The Fidget Spinner is the perfect example of a fleeting product.

• Suddenly it appeared… And suddenly it disappeared.

It was a  New Product , with a New Concept (hand toys already existed, but they were not popular).

• However, it was (and still is) extremely Easy to Copy .

Let’s analyze its Popularity with Google Trends:

Google Trends results: Interest in “Fidget Spinner”.

Its entire Product Life Cycle lasted one year .

2. New Product - New Concept - Not Easy to Copy

The iPad is a good example of a New Product , with a New Concept , but Not Easy to Copy .

Again: some people could argue that, PDAs already existed, as well as smartphones, but there were not exactly the same.

Let’s analyze its Product life cycle with Google Trends:

Google Trends results: Interest in “iPad”.

Although its Popularity reached a maximum in 2012 (it took 2 years to reach it) it seems that it has now entered in a “flat” stage.

• Perhaps, it has already become a “reference product” such as the Ford Mustang.

* Those peaks are due to Christmas holidays or/ and the release of a new version. 

Other good example is the iPhone .

Since it was a much Newer Concept and Product , in every possible way (it was first introduced 3 years before the iPad) we would expect a much flatter curve in the growth stage:

Google Trends results: Interest in “iPhone”.

Exactly. As you can see in the image above, the newer the concept the flatter the growth stage .

• The “Fidget Spinner” was a $2 extremely-easy-to-copy toy.

But, these products are renewed every year.

There is a new iPhone every year, as well as new updated iPads.

What if a New Product , with a New Concept , Not Easy to copy were not constantly updated?

Let’s analyze Nintendo ‘s Wii :

This product can answer this question.

• It was a New Product , with a New Concept , Not Easy to copy , but it was launched once (not being re-launched every year).

Let’s analyze its Life Cycle with Google Trends:

Google Trends results: Interest in “Wii”.

It took Wii 1 year to reach maximum Popularit y , then it had 1 year of maturity , and then a slow decline (over 10 years).

Its Product Life Cycle was almost the same as that observed in the iPad.

• However, Nintendo released 2 substitute products with different name and design: Wii U and Switch.

3. New Product - Old Concept - Easy to Copy

Do you remember the Livestrong rubber band?

• It was a simple rubber band that Nike developed for fighting cancer.

Simple, but everybody went crazy about it.

• Its minimalist design.
• All the celebrities had it.
• Its manufacturing was initially limited.

It was a New Product , with an Old Concept , and Easy to Copy .

Let’s analyze what happened with Google Trends:

Google trends results: Interest in “Livestrong”.

As you can see in the image above, its Product Life Cycle lasted only two years .

• The Growth stage lasted 9 months, and was followed by a sharp decline.

4. New Product - Old Concept - Not Easy to Copy

Speaking of Ford again, we will now look at one of its recent releases, the Ford Kuga .

This vehicle is a New Product , with an Old Concept (SUV vehicle) but it is Not Easy to Copy (developing a new car is something very difficult).

Google Trends results: Interest in “Ford Kuga”.

This graph shows a very successful product launch .

• Its popularity, with its ups and downs, has grow steadily.

Moreover, since it was an Old Concept , its popularity grew strongly in the early stages.

• It took just 11 months to reach that initial Popularity peak .

People tend to trust more in what they know best .

5. Old Product - New Concept - Easy to Copy

Few years ago, e-books were the big new trend .

And Amazon’s Kindle, was King.

• A simple device that allowed you to read everything you wanted, wherever you wanted.

This product was not offering any new book .

What this product allowed you to do was to read your favorite books wherever you wanted in a new different way.

• But those books already existed .

That is why Amazon’s Kindle could be considered as an Old Product (books) with a New Concept , but it was Easy to Copy (the technology involved was not very difficult).

Let’s analyze its popularity with Google Trends:

Google Trends results: Interest in “Kindle”.

Its popularity increased slowly for 4 years (from 2007 to 2011) and faded away the following 4 years (Interest < 20).

• Unless they are cheap Products.

6. Old Product - New Concept - Not Easy to Copy

What can we say about Netflix that you don’t know yet?

Netflix was a similar product to Kindle: they didn’t offer new content (at the beginning).

What Netflix initially offered was an Old Product (movies that already existed), with a New Concept , but it was Not Easy to Copy (you need powerful servers, contracts with films producers…).

Let’s analyze its Product Life Cycle with Google Trends:

Google Trends results: Interest in “Netflix”.

As you can appreciate, its Popularity has grown little by little for 10 years, since it is a New Concept.

In this example, the next years will be interesting:

• Disney has just launched its Disney plus.

Moreover, Netflix is now investing in new self-produced content .

• In our “ Resource Based View ” Page, we talked about Disney + and their Strategy.

Seasonal Products

Now, we have to talk about Seasonal products.

Products such as:

• Christmas-related Products.
• Summer toys.
• Ice Creams.

These products, present different cyclical trends.

And you can obtain good information comparing these differences .

Let’s analyze the Popularity of Game of Thrones:

Google Trends results: Interest in “Game of Thrones”.

By just seeing this graph, anyone could guess:

• Easy: 8 peaks = 8 seasons.
• Their release dates.

And… more important:

• By seeing the graph, we have no doubt: the 7th (we don’t say the best, just the most popular).

You may think this is useless but… it isn’t.

You can obtain information that is not obvious “a priori”.

Check now this graph:

Google Trends results: Interest in “Handmaid’s Tale”.

What conclusions can you draw from the Google Trends results of “The Handmaid’s Tale”?

• … Yes… The first season was the most popular one (for me, the only good one).

As we mentioned earlier, this classifications can be nuance is infinite ways.

We just wanted to highlight 3 important pillars that can help you when analyzing Product Life Cycles.

• Regardless of the Product, its Concept, or whether it is Easy to Copy or not.

Let’s summarize some of our main Conclusions:

Analysis of different Product Life Cycles: Conclusions

• Well established products are those whose Popularity remains constant over the years.
• The Newer a Concept is, the flatter its Growth stage will be.
• People tend to trust more in what they know best.
• No matter how big or important is the company. Remember Amazon’s Kindle.
• In Seasonal Products, of course.

Now… How can you use this information?

Why are Product Life Cycles important?

How to use a Product Life Cycle model

This analysis can be very useful for different things.

We have compiled some of them:

You can forecast how a New Product can perform .

• Depending on the 3 parameters explained earlier: Product, Concept, How easy is to copy it.

You can predict how long would it take a New Product to be Launched .

• By analyzing other products that had similar parameters.

You could develop “Exit Strategies” by analyzing how evolves a Product’s popularity .

• Remember: it’s also a victory to know when to retreat.

You can analyze different Seasons’ Life Cycles and define your product based on the conclusions obtained .

• For products with a strong Seasonal component.

You can set “warning signals” and adopt different strategies depending on how a product’s popularity evolve .

• If you predicted that your product would reach a certain Stage after a year and, 4 months later, its popularity is declining, you should do something about it.
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Product Life Cycle in Marketing: Stages & Examples of PLC Model

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• What is Product Lifecycle Management (PLM) Software?

Product Life Cycle – a term you must have heard or studied before but are still unsure what it means and how it applies to a product or a service.

Many business owners and marketing professionals have their own understanding of how a Product Life Cycle works, but somehow, they still fail to consider it while strategizing.

However, you cannot use the same marketing strategy for a new product that you are about to launch and the product that has been there in the market for years now. It is important to devise unique marketing strategies for every stage of the product lifecycle.

So, here in this article today, we will be understanding the product life cycle, its various stages, and what marketing strategies should be used in every stage with some real-life examples.

What Is Product Life Cycle in Marketing?

Product Life Cycle is the journey of a product from its launch to its end of life or disappears from the market. This product life cycle has five stages:

• Development
• Introduction

The marketing team aligns its efforts and strategies to highlight the changing characteristics of the product in each stage. Looking at the product life cycle through a marketing perspective helps identify how and what should be communicated at each stage.

5 Stages of Product Life Cycle with Examples

Let’s begin to understand the five stages of product life cycle, and what marketing strategies a business should adopt to survive and transition from one stage to another.

• Development: This is the very first and the most sensitive stage in the product’s life cycle. It includes everything from ideation to research, product development, lab tests to designing the final product. In this stage, you need to evaluate everything related to your product, its consumers, market scope, competitors, etc.

In this stage, you cannot expect any sales, but your marketing can create some buzz through social media networks, billboards, and more. Such strategies can help generate curiosity and encourage consumer engagement.

For example, if you are planning to launch a soap, in the development stage you need to focus on market research to identify your competitors, consumer expectations, market gap that your product can fill, etc.

So, now when your product is ready to be launched you can transition to the next stage of product life cycle.

• Introduction: This is the stage when your product is launched for the first time on the market. In this stage, marketers need to focus on creating maximum awareness about the product, introduce it to potential buyers, and convince them to at least consider the product while buying.

The aim of marketing at this stage is to build enough awareness that consumers should at least recognize the product.

The marketing campaign in the previous development stage has helped you in identifying consumer expectations. Now you have designed your product, keeping in mind people’s expectations. The advertisements will tell what this new soap offers, the various problems it solves, and how it is different from others in the market.

• Growth: In this period your communication is designed to target your competitor’s market. You want to acquire their customers and become a more “preferred” brand. The marketing campaign at this stage needs to focus on maximizing market share.

Here the marketing campaign will utilize the user experience to market the soap. You’ll need deeper consumer and competitor analysis to establish that your product is best in the market, and those who are using your competitor’s product should switch to yours.

• Maturity: This stage represents the highest level of product adoption and profitability. In this stage, your new customers are the ones who have switched from your competitors. Marketing efforts in this stage need to be focused on maximizing profit while defending the market share.

There may be more competitors entering the market with new features, so you need to work towards creating brand loyalty and recognition.

Marketing communication should focus on sustaining the brand by establishing brand identity. In this stage, the brand should become bigger than the product itself.

Your advertisements should also be directed towards introducing a new and advanced version of the soap with new packaging and design to give a new and improved look and feel.

• Decline: In this stage, the sales and profits start to shrink. In this stage there is not much scope for marketing, you should focus on reducing the spending and focus on milking the brand that you have created.

After a stage, you need to decide to harvest the product or withdraw the product from the market. You can utilize the loyalty that already exists and then after a point decide to withdraw the product. If you don’t take this decision on time, you might waste your valuable resources and efforts.

How Does Product Lifecycle Work?

Like people, products too have life cycles. It begins with an idea and then eventually manifests into a product which is then strategically launched in the market. When a product is launched, its demand increases, thus, increasing its popularity.

This results in newer products pushing the older ones out of the market, and they reach the later stages of product lifecycle i.e., maturity and eventually decline. This happens because the cost of production increases and the demand of the product decreases because of which the sales decreases.

At this stage, the business needs to take the smart decision of reinventing the product or withdrawing the product from the market to save its resources.

How to Use the Product Life Cycle Model in Marketing?

Now to understand how this product life cycle works in marketing, we’ll go through a case study that many of us have been a part of.

Nestle – Maggi Product Life Cycle Case Study

Introductory Stage in the Product Life Cycle of Maggi: When Maggi entered the Indian market in 1982, it did spend a lot on aggressive marketing. The instant noodle market was an unexplored area, so the positioning was not difficult because there were no competitors.

It segmented itself based on age and urban area while targeting kids, youth, and office goers who were looking for something healthy and instant. They branded it with the tagline, ‘Taste Bhi, Health Bhi’ and a 2-minute noodle.

The marketing at this stage was focused on creating product awareness along with doing several product modifications as per the Indian taste. With lots of ups and downs, Maggi survived the introductory stage with targeted marketing.

Growth Stage in the Product Life Cycle of Maggi: Around 1985, consumers started to accept Maggi and the sales increased. Until 1990, Maggi was still a monopoly after which Top Ramen entered the market which did affect Maggi’s market share by little.

To increase its market share, Maggi launched a new flavor in 1997, but it was not accepted warmly by the Indian audience. In 1999 it re-launched its original flavor, and it was back in the game with increased sales and profits.

During this period, they marketed new product variations under the brand like ketchup, pasta, soup, oats but never shifted their focus from the original product.

Maturity Stage in the Product Life Cycle of Maggi: During this stage, when the sales and profits were soaring high, Maggi faced neck-to-neck competition with Top Ramen. To capture a larger segment of the market, it played on the pricing strategy by introducing a 5 rupees packet of Maggi which increased the distribution.

It helped in taking over the competitor’s market and acquiring the maximum market share. This strategy helped Maggi reach every household irrespective of any demographic.

Decline Stage in the Product Life Cycle of Maggi: In 2015, due to high lead content, Maggi was banned, and everyone’s favorite noodle was taken off the shelf and it was believed that Maggi has entered the decline stage.

But Maggi bounced back. With effective PR and marketing, Maggi proved itself to be safe for human consumption and brought itself back by branding it as safe for consumption.

It invested in research, internal employee engagement, social media campaigns, and exclusively re-launched itself with Snapdeal.

Before returning locally, Maggi offered its loyal customers to pre-order from Snapdeal, and in no time the demand increased. Maggi branded itself as ‘Your Maggi is safe, has always been’ and thus, escaped death.

What are the Best Product Lifecycle Marketing Strategies?

Based on your product and its USPs, different strategies can be adopted in different stages of product lifecycle. Let’s discuss what different strategies you can choose at each stage: 

Marketing Strategies in Introductory Stage: While aiming to create product awareness and establishing a product identity, your marketing strategies should focus on reaching out to the right customers. The following approach can be adopted: 

• Rapid Skimming, launching a product at high price with aggressive promotions
• Slow Skimming, launching a product at high price with slow promotions
• Rapid Penetration, launching a product at low price with aggressive promotions
• Slow Penetration, launching a product at low price with slow promotions

In this stage, you can often play with pricing and positioning strategies to create demand.

Marketing Strategies in Growth Stage: The strategies in this stage focus on increasing profits and expanding the market. The following marketing strategies can be used here:

• Upgrading the product with new features
• Expanding in new market segments
• Strategically pricing the product, low or high
• Increasing distribution channels 
• Shifting marketing communication from product features to customer preference

Marketing Strategies in Maturity Stage: In this stage, you enjoy increased sales, and the marketing strategies are all about retaining the brand. The following marketing strategies can be used here:

• Acquiring competitor’s users
• Converting non-users into customers
• Launching an advanced version of the product
• Making the brand more valuable than products
• Enter new market segments

Marketing Strategies in Decline Stage: This is the stage when you should know when to stop or withdraw from the market to save your resources. The following marketing strategies can be used here:

• Reduce marketing expenditure
• Reduce distribution channels
• Lower prices to increase sales
• Reinvent the product
• Harvest the product before discontinuing it

To Conclude

The basic product life cycle applies to all products and services. The right marketing strategies in each stage can help you derive maximum profits and sales and position your product.

These strategies can help you in stretching a particular phase in the product life cycle, and survive for several years in the maturity stage.

A product’s demand is destined to decline, but by adopting technology and changing trends, you can reinvent and repurpose your product to survive in the market.

What are the stages of customer lifecycle?

Five stages of customer lifecycle are Discovery, Education, Purchase, Post-Purchase Engagement and Advocacy.

What are the best product life cycle marketing strategies?

The best product life cycle marketing strategies can be rapid or slow skimming and penetration, where you can strategically price the product to create demand.

What is customer lifecycle marketing?

Customer lifecycle marketing is a process to create communication strategy to support prospects and customers in their buyer journey.

Why is product life cycle important in marketing?

Various stages in a product life cycle require different marketing strategies to achieve the desired objectives. For example, in the introductory stage, product awareness is required, and in the maturity stage, brand loyalty is required.

What is the main objective of product life cycle management?

The main objective of product life cycle management is to identify potential sales opportunities in each stage and establish brand identity and loyalty.

What are the types of product life cycle?

The types of product life cycle are development, introduction, growth, maturity and decline.

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Isha’s writing journey started way back in 2018 when she graduated in the field of Journalism & Mass Communication. Since then, she has been writing for all digital and print marketing assets including blogs, editorial reviews, landing pages, emailers, and more. She has contributed her writings to genres... Read more

Related Question and Answers

The five most actionable ways PLM can help your company increase efficiency and improve business outcomes are centralizing product data, streamlining workflows, improving collaboration, reducing errors, and accelerating time-to-market.

• Write Answer

Key benefits of using PLM to improve NPI (New Product Introduction) efficiency include better collaboration, centralized data management, reduced errors, faster decision-making, and improved product lifecycle management. Real-world examples of NPI best practices may include cross-functional team coordination, early prototyping, and efficient change management.

To resolve the 'Bad date' error when importing data into a revision-controlled workspace, where the 'Version Timestamp' property is mapped to the 'Lifecycle Properties -> Release Date' property, make sure that the date format in your import data matches the expected format in Fusion 360 Manage. Double-check that there are no formatting issues or invalid date values in your data.

The key benefits of using Product Lifecycle Management (PLM) for change management include improved collaboration, better version control, streamlined workflows, reduced errors, and efficient tracking of changes. It helps teams work together seamlessly and ensures that changes are properly documented and approved.

The most widely used PLM (Product Lifecycle Management) software includes Siemens Teamcenter, PTC Windchill, and Dassault Systèmes CATIA. These solutions help manage product development processes efficiently.

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Case Study: Development of a Sustainable Product Life cycle in Manufacturing Firms

• First Online: 01 January 2012

Cite this chapter

• Maurizio Bevilacqua 4 ,
• Filippo Emanuele Ciarapica 5 &
• Giancarlo Giacchetta 4  

1686 Accesses

This chapter gives a case study for integrating Design for Environment (DfE) and Life Cycle Assessment (LCA) techniques both into new product development and into the process of redesigning a set of existing products. The case study explains the reasons for developing DfE in general, and pays particular attention to a specific, chosen product, a class of electrical distribution boards, to illustrate the concept. The main process steps in the development of the DfE are outlined, and the development of a LCA that satisfies the requirements of the ISO 14040 standard is illustrated. This work was developed thanks to the collaboration between the Sustainability Affairs Department of ABB Italia and the Department of Energy Studies of Marche Polytechnic University. The aim of the firm was to create a procedure based on the integration of DfE and LCA methodologies to allow the assessment of improvement, in terms of environmental and economic impact, which could be attributed to a different assembly layout for the “electrical distribution boards” set of products.

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The level of IP is a determinant of design because it defines the capacity of the board both to impede the access of foreign bodies such as dust or water, and to prevent any contact between the workers and the electrically charged parts.

The computerized LCA-system Eco Lab issued by Nordic Port AB, Varbergsgatan 2C, S-412 65 Gothenburg, Sweden.

The values shown in Tables  7.4 and 7.5 give the following results: (1,60E+00 · 8,145+5,00E−01 · 4540 + 1,20E+00 · 6180)/1000000 = 9,70E−03 [kg of SO 2 eq./kg steel ].

The values shown in Tables  7.1 and 7.6 give the following results: 9.70E−03 × 140.05 kg+1.44E−01 × 5.10 kg+1.93E−02 × 1.12 kg = 2.12 [kg of SO 2 eq.].

AU (AP) = 2.12 × 0.1 = 2.12E−01.

For example for the raw material steel and the AP impact category in Table  7.5 the result obtained is: CF average  = (1.60E+00+5.00E−01+1.20E+00)/3 = 1.10E+00.

EF (steel; AP)  = (1.60E+00 · 8.145+5,00E−01·4540+1.20E00 · 6180)/(3 · 1000000 · 1.10E+00) = 2.94E−03.

Tables  7.1 and 7.8 give the following results: EF AP  = (2,94E−03 · 1,40E+02+1,20E−01 · 5,10E+00+5,80E−03 · 1,35E+00)/146,5 = 7,04E−03.

For example the AP category gives: CF limit  = 2,12E−01/(2,99 · 7,04E−03) = 1,00E+01.

ISO 14040 (2006) Environmental management-life cycle assessment-principles and framework, International Organization for Standardization, TC207

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Bevilacqua, M., Ciarapica, F.E., Giacchetta, G. (2012). Case Study: Development of a Sustainable Product Life cycle in Manufacturing Firms. In: Design for Environment as a Tool for the Development of a Sustainable Supply Chain. Springer, London. https://doi.org/10.1007/978-1-4471-2461-0_7

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