The product life cycle model follows a course of birth, growth and maturity and death. Direct the course of your company’s products by anticipating their position on the curve by taking a comprehensive approach to marshalling internal resources from research and engineering to sales and marketing, as well as monitoring market forces such as globalization with multi-country outsourcing and Internet connectivity.

Whether you’re a budding entrepreneur with the next "big thing" or an executive tasked with managing a portfolio, understand some product life cycle key terms by:

1. Distinguishing the nuances with the meaning of product itself;

2. Accurately measuring time to market and;

3. Understanding your products' place within the Market Mix and the product life cycle.

Action Steps
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Delineate the types of product to accurately plot the product life cycle

The concept of product life cycle hinges on how you define 'product.' You can refer to the class of product, like automobiles; the form of product, like minivan or sedan, or the brand like Ford or Chevrolet. In general, the life cycle is most stable at the class level, and least predictable and more difficult to manage at the brand life cycle level.

I recommend: A glossary from Coyote Valley Software, a product life cycle management platform, goes into detail on product development, even discussing “alpha” testing, where a product’s features are settled on, versus “beta” testing, where the now functional products gets consumer tested for usability. The product in this case is software, but may be adapted to fit other products. Alex Brown of the University of Delaware provides a useful outline introducing product and brand life cycles.

Tighten the curve by understanding time to market in the product life cycle

'Time to market' means how much time you require in managing the product life cycle from initial concept to final product. This simple concept grows in complexity due to the nature of the product in question (your product Class) as well as internal factors (like how large your organization is or how efficiently departments communicate with one another), and external dynamics like consumer demand and competitor drive to market. Shorten the time to market to save on start-up costs and recoup revenue in the market before your competition.

I recommend: Value Based Management.net ties in various market models to the basic product life cycle curve, including the Boston Matrix, the Bass Diffusion model of forecasting, and the Adoption Innovation Curve to give you different measures to determine which products will maximize return, narrowing down which products to spend time on. Infor's product life cycle management software can help integrate and standardize product life cycle management across departments, streamlining the product development process to reduce time to market and aid profitability.

Understand the effects of the other three Marketing Mix P's on the product life cycle model

The product life cycle model does not stand alone. The Marketing Mix, defined as Product, Price, Placement, Promotion interact with one another constantly, affecting the outcome of the product life cycle growth throughout the various stages. Product cycle management entails directing your products' price, where placement and promotion to meet consumer and competitor response.

I recommend: The NetMBA page summarizes the product life cycle stages and product growth in a basic curve, from introduction to decline, and defines how each aspect of the marketing mix interfaces with each stage. ProvenModels takes the product life cycle concept further by introducing definitions on the international product life cycle, or how product development changes across international markets.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Make product cycle management a verb, a dynamic process rather than a static policy. Encourage collaboration throughout the organization, cross-pollinating ideas from all departments as products are created, produced and marketed to keep your pipeline full and revenue stream steady.

When a new product is considered by an organization, to ensure its success, it must endure the product life cycle. Product growth depends upon marketing trends and economic circumstances to thrive, and pricing, brand image, promotion and distribution are equally important in product life cycle management.

Product life cycle management requires knowledgeable and experienced individuals to guarantee successful outcomes. Brand life cycle is integral to product development, as a strong brand name and image secure recognition and loyalty. Products will have the greatest opportunity for success if they have individuals supporting each stage of the product life cycle.

1. The product life cycle model, comprised of a series of steps, requires organizational commitment to certify product success.

2. Product growth is dependent upon market factors and economic conditions.

3. The brand life cycle model integrates marketing, promotion, pricing and distribution to facilitate product success.

Action Steps
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Increase product life cycle growth through a unique mix of marketing and promotion

Consider product variations. Consider the Coca-Cola product life cycle, which created variations of its Coke products, such as Cherry Coke and Vanilla Coke. Otherwise, other competitors are likely to take over market share with their own variations. The benefits of the product life cycle are many, but the pharmaceutical industry has its own series of advantages, designed to increase profitability.

I recommend: Consider pharmaceutical product variations, including generic drugs, as addressed by the World Health Organization.

Demonstrate that a new product is capable of a long life cycle by considering long-term capabilities

Products that are successful over the long term capitalize upon marketing strengths and brand image, in addition to consumer loyalty and overall value.

I recommend: PDMA provides insights regarding successful product marketing tools that improve the life cycles of many products and services.

Evaluate software products in terms of their value

The software product development life cycle requires manual testing of software product design to guarantee success in marketing and distribution. Since computers are important to daily living, appropriate testing measures are integral to gaining confidence in product offerings and to encourage product loyalty.

I recommend: When a small business develops a potentially successful software product, the selected marketing strategy is critical to support effective sales and brand loyalty. The Fuzzy Blog offers a number of suggestions designed to encourage small businesses to introduce their software products wisely and with confidence.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Consider how a new product will best suit the desired target market through effective product planning and distribution. The product life cycle model should emphasize the strengths of the product and should be publicized in all marketing and promotion campaigns. Develop brands that are likely to have the best possible chance of long-term success, despite ever-changing economic patterns.

Visualize the fundamental product life cycle as a curve, starting from zero at initial development and rising from market introduction through growth before leveling off at maturity, then eventually reaching zero again at decline and termination. Each stage of the product life cycle interacts with and is impacted by customer wants and needs, supply chain logistics and both competitive action and price pressure.

Business trends such as globalization, outsourcing, just-in-time supply chains and real-time connectivity may make directing product growth feel like controlling a rollercoaster mid-ride. Actually, these factors make managing the product life cycle that much more important. You can’t afford a shotgun approach to making and marketing product; you need to know exactly how well your goods synchronize with the marketplace, from cradle to grave. To simplify the complexity of product life cycle management, break down the product life cycle model into three phases:

1. Giving birth to new product through conceptualization and development;

2. Nurturing product from its debut in the market through initial growth spurt;

3. Sustaining product to weather competitive pressure through maturity and even decline.

Action Steps
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Labor through new product development with careful product cycle management

The period of greatest uncertainty lies in the product development stage. You must detect market demands and discern even the smallest of holes your company can fill, then create a new product to match. Naturally, you receive no revenue yet, so you absorb all costs and risks in this phase. Give your products adequate gestation time; don't arbitrarily create a rush timetable that cuts corners or compromises your product integrity.

I recommend: toLearn.net concisely summarizes the concept of product life cycle. Peruse the Active Sensing website for an overview of three key benefits of product life cycle management: increase revenue, reduce unit costs and lower overhead.

Cultivate your new products through the product life cycle growth period

Product launch can be exciting and confusing, as on the plus side the market takes notice and on the minus side so does the competition. New choices present themselves, based on market reaction. You still have room to make sizable course corrections on product attributes to get closer to customer needs and expectations, packaging to grab consumer attention, and price points to maximize profit or grab market share from competitive knock-offs. If all goes well, this period sees your investment start to pay off as revenue soars.

I recommend: Stanford’s product life cycle chart and table below outlines the interaction between product, consumer and competitor. Siemens offers a brochure on PLM and its various benefits, including more personalized products, effectively matching market requirements, maximizing internal resources. Take a look at their video as well.

Extend the product life cycle through maturity and even stave off the end

Not everything must die. As the product life cycle of Coke and other iconic brands show, some products can go on for a century or longer. As your choice matrix becomes narrower, more nuanced; you must decide whether to pursue a coca-cola product life cycle of new recipes and freshened packaging, or take the automotive route of planned obsolescence, letting go of old products or brands to make room for new. Or, do you provide price incentives that reward repeat customers versus grab the attention of those who still haven't tried your product or prefer your competitors'.

I recommend: QuickMBA.com outlines how the marketing mix shifts with each phase, from introduction to decline. Skim to the bottom of the Progressive Distributor site, offered through Milo Media for strategies on how to extend the life of a product.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Turn your product or brand life cycle on its head by starting at the end. As a development exercise, write your product's obituary. What kind of life did it lead? What was its final age? How successful was it-How, where, why did it achieve its success? What caused its demise? Use your obit to establish the product's parameters and develop from there.

If your profits are starting to decline, maybe you should re-think your company's product life cycle model. From product design to product launch, there may be real opportunities to enhance your strategies and increase your market share. Perhaps you need more feedback from your manufacturing facility or it could be that the product, as originally designed, no longer meets the customers' needs.

Formal training on the product life cycle teaches your employees to identify the initial problem stage, when costs are high and demand is low. Training then advances to the next stage, when the product is introduced to the market and gains initial acceptance, thus driving down costs and increasing revenue. This is followed by the growth stage, when your company has managed the product manufacturing and marketing so that performance goals are met and revenues are high. Your employees will benefit from product cycle management training that will help them identify the reason for declining sales. Consider the sources below as you contemplate additional product life cycle education and training your employees should pursue.

1. Learn the fundamentals of brand life cycle with introductory classes.

2. Reach out for business consultants who offer specialized training on the product life cycle model.

3. Take seminars and workshops on product life cycle management.

Action Steps
The best contacts and resources to help you get it done

Start by learning the essential product growth principles

You can take introductory classes on the concept of product life cycle at major universities and colleges or even online.

I recommend: Beyond Grey Pin Stripes and Stanford University both explain the economics class at Stanford University that can help you learn product life cycle principles in general. Take the online program at Quick MBA to learn how to plot product revenue and growth.

Take classes on the product life cycle growth given by business consultants

Advance your training by completing classes that focus on managing the product life cycle, such as how to establish and adjust original product growth estimates.

I recommend: Exit Certified's classes start at the planning stage of the product life cycle and take you through the manufacturing process where you'll get feedback that will affect your product growth schedules. Classes at SAP introduce you to life cycle data management and product portfolio management.

Register for workshops focusing on the product life cycle model

If you're not inclined to take university classes, you can attend seminars and workshops that take you through the product life cycle process, from the time a product is conceived until it is withdrawn from the market.

I recommend: Sequent Learning, Technology Evaluation and Product Strategy Network all offer workshops focusing on product planning, development, strategy, pricing and launch. Once you've completed the training at AIPMM, you can try for certification in product management.