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What Is the Life Cycle of a Product It?

What is the life cycle of a product?
Do you know well the products and / or services you sell? Have you thought about Germany Email Database renewing or changing your catalog? How do you know when to do it? Find out how the life cycle of a product works and you will have the answer.

All markets are constantly evolving. And your company also evolves within the sector in which you are. Consumer demands set the guidelines that make markets transform and develop.

We will see how it can help you make better decisions with which you will be up to the demands and needs of your customers. In addition, I will show you some practical examples of real products and how they have evolved in their own life cycle.

Thematic content menu
What is the life cycle of a product?
The advantages of understanding the life cycle of your product
What are the different stages or phases of the life cycle of a product?
Is it possible to extend the life cycle of the product?
Analysis of real examples of the life cycle of a product
What is the life cycle of a product?
The life cycle of a product is the evolution or the different facets that commercial items or services go through from the moment they are designed and put on sale, until they are withdrawn from the market.

You already know that the products and services that companies offer are designed to satisfy the needs, concerns or problems of consumers. But, depending on their characteristics or the evolution of the market, all of them have a specific life time .

This product life cycle can also be understood as a management tool that helps you to know the current moment of the products and / or services that you offer in your company.

All products have a cycle or duration period, and it is not a matter of whether or not they have quality, among other factors.

Many times, the advancement of society and the appearance of other alternative products, more modern and with better benefits, condemn the initial product to the end of its life.

In addition, there are also other causes that can take any product and / or service off the market.

Here are some examples:
The lack of a good text or sales pitch.
The loss of quality compared to other competitor launches.
Unmovable prices for years.
Lack of investment in new functionalities.
Expiration or obsolescence of the same.
Etc.
Here, it can also help you to capture the life cycle of your products in combination with a BCG matrix .

The advantages of understanding the life cycle of your product
There are times when companies suffer drops in their sales , and you have to analyze the situation to understand what is happening.

Often, we tend to think that we have done a marketing campaign wrong, and we spend a lot of time analyzing what happened to try to redirect these strategies.

However, the products and / or services you sell may no longer appeal to your customers. Or, they still need a new image to remain attractive.

In any case, being clear about the concept of the life cycle of a product will help you a lot to understand where your company should continue .

And this translates into these advantages for your company and your management of it:

Better preparation to face your competition
Greater longevity of the products you offer
You have more control over the results
Helps you optimize investment in your marketing campaigns
You will make your decisions with a realistic view of the situation
You can better adapt your sales strategy
What are the different B2B Phone List stages or phases of the lifecycle of a product?
When I talk to you about the life cycle of a product and the phases it goes through, from when it is designed until it disappears from the market, I am not referring to the manufacturing process or the technical aspects it has.

In fact, there are products like food, which have an expiration date and nobody can do anything to extend their life cycle.

 

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