{"id":13586,"date":"2024-05-11T20:10:02","date_gmt":"2024-05-11T20:10:02","guid":{"rendered":"https:\/\/letsprototype.com\/?p=13586"},"modified":"2024-07-05T00:27:49","modified_gmt":"2024-07-05T00:27:49","slug":"product-life-cycle","status":"publish","type":"post","link":"https:\/\/letsprototype.com\/en\/blog\/2024\/05\/11\/product-life-cycle\/","title":{"rendered":"Product life cycle | Examples of life cycle"},"content":{"rendered":"
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Product life cycle | Example of life cycle<\/h1>\t\t\t\t<\/div>\n\t\t\t\t
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The<\/span> product life cycle<\/b> is made up of the different <\/span>stages of the product<\/b> from its creation to the decline. The duration of the<\/span> stages of a product's life cycle<\/b> are determined by the innovativeness of the team of <\/span>inventors<\/b> and <\/span>prototype company<\/b>, as well as by the product's market acceptance. Proper<\/span> forecasting of the product life cycle<\/b> allows its founders to optimize the level of investment in each of the processes or stages that make it up.<\/span><\/p>

What are the stages of the product life cycle?<\/b><\/h2>

The <\/span>product life cycle consists of 5 key stages<\/b>: Product development, Product introduction, Product growth, Product maturity, and product decline in the market.<\/span><\/p>

Etapa 1 – Desarrollo de productos | Ciclo de vida de productos<\/b><\/h3>

Stage 1 of the product life cycle<\/span> refers to the process of creating an innovative product<\/b>. The product creation cycle is divided into two main moments: the research process and the stage of manufacturing the functional prototype.<\/span><\/p>

The research stage allows for laboratory tests aimed at determining the technical feasibility of the product as well as its economic viability in the future.\u00a0<\/span><\/p>

The <\/span>research stage<\/b> is often seen as a superfluous expense by inventors; however, proceeding directly with the <\/span>manufacturing of a prototype<\/b>, in many examples, is often a serious mistake, as learning and optimizing while <\/span>manufacturing a prototype<\/b> is often much more expensive than assuming the necessary iterations in digital environments through a study or <\/span>basic engineering project<\/b>.<\/span><\/p>

Stage 2 Product Introduction | Product Life Cycle<\/b><\/h3>

Stage 2 of the product life cycle<\/span> refers to the first encounter between the product and the market. In most examples of innovative products, the introduction stage represents a great learning opportunity, as it yields a list of necessary changes or adjustments in the market that impact its commercial acceptance.<\/span><\/p>

Despite many <\/span>inventors<\/b> deciding to move directly <\/span>from the prototype to mass production<\/b> of a product. According to our experience, this process should be delayed even further.<\/span> Industrializing a product <\/b>is an expensive and energy-intensive process. Additionally, <\/span>transforming an industrialized product<\/b> involves a very significant over-investment. At<\/span> Let\u00b4s Prototype<\/b>, we recommend that the second stage of the <\/span>product life cycle<\/b> be done with pre-production units. These are units that exactly replicate the <\/span>prototype<\/b>, but are manufactured using cheap, artisanal methods that allow for agile transformation.<\/span><\/p>

The <\/span>introduction stage of the product life cycle<\/b> should be seen as part of the <\/span>product research and development process<\/b>. Its goal should be to learn from the user or potential customer experience and not to make money from the sale of the products.<\/span><\/p>

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Stage 3 Product Growth | Product Life Cycle<\/b><\/h3>

The <\/span>third stage of the product life cycle<\/b> refers to the distribution or market introduction process of <\/span>an innovative product<\/b>. The main challenges of this stage of the <\/span>product life cycle<\/b> include finding strategic sales and distribution channels, as well as strategic alliances to maximize sales opportunities.<\/span><\/p>

In this stage of the <\/span>product life cycle<\/b>, you should already move from a <\/span>prototype<\/b> or <\/span>pre-series of functional prototypes<\/b> to an <\/span>industrial product<\/b>. Therefore, the goal is to maximize sales and exposure opportunities for the <\/span>new invention<\/b>. It is in this stage that<\/span> inventors<\/b> can open up the sale of patents or <\/span>licensing of patents<\/b>. This is an exploratory process, where leading companies selling similar products in the market are identified, to whom the opportunity to exclusively exploit the <\/span>new patented product<\/b>, developed and tested in the market, is offered. Trying to sell or <\/span>commercialize a patent<\/b> in earlier stages could frustrate the <\/span>development of the product life cycle<\/b> and it is very unlikely to achieve good economic results to <\/span>profit from the patent<\/b>.<\/span><\/p>

Stage 4 Product Maturity | Product Life Cycle<\/b><\/h3>

The <\/span>fourth stage of the product life cycle<\/b> refers to its sweetest moment in terms of business. If the previous stages of the <\/span>product life cycle<\/b> have been efficiently developed, this period is where the most economic profitability can be extracted from the <\/span>commercial exploitation of the product<\/b>.<\/span><\/p>

The main objective of this stage of the <\/span>product life cycle<\/b> is to maximize its duration. For this, investments and marketing strategies aimed at <\/span>selling the product<\/b> are fundamental. It is a costly and time-consuming stage, for this reason, for those inventors who do not exclusively dedicate themselves to commercially exploiting the <\/span>innovative product<\/b>, it will be essential to find commercial channels that can maximize the economic return of the invention.<\/span><\/p>

Most<\/span> inventors<\/b> who reach this stage of the <\/span>product life cycle<\/b> tend to think that this process is eternal. Nothing could be further from the truth; the duration of this stage of the product life cycle will be conditioned by the size of the strategic allies and commercial channels, but above all, by the reaction of the competition creating alternative products that compete as a solution to the problems you intend to solve in society.<\/span><\/p>

Even with <\/span>patents<\/b> and having achieved an <\/span>innovative product<\/b>, you must be aware that all products that reach this stage of the <\/span>product life cycle<\/b> will be copied, transformed, and commercially exploited through alternative means. It is crucial to seek advice from business experts and to closely monitor the reactions of your main competitors.<\/span><\/p>

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Stage 5 Product Decline | Product Life Cycle<\/b><\/h3>

The <\/span>fifth stage of the product life cycle<\/b> refers to the process of decline or <\/span>commercial loss<\/b> of a product in the market. The <\/span>decline of a product <\/b>in its<\/span> life cycle<\/b> can be caused by market saturation, meaning you have reached the maximum potential customers in your target market, or because competitors have found<\/span> alternatives to the product<\/b> that offer better prices or functionalities than your proposal.<\/span><\/p>

In this <\/span>stage of the product life cycle<\/b>, it is essential to find allies that allow for territorial expansion at a commercial level. To <\/span>take your product to other markets<\/b>, you will need to comply with regulations and consider the existence of competitors in the new markets where you intend to sell. If the<\/span> decline of the product<\/b> is caused by the reaction of competitors, you will need to go back to the beginning of the <\/span>product life cycle<\/b>, opening innovation processes that allow you to add new functionalities or optimize the design of the product to make it more competitive in the manufacturing process.<\/span><\/p>

Product Life Cycle Analysis\u00a0<\/b><\/h2>
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Development<\/b><\/p><\/td>

Introduction<\/b><\/p><\/td>

Growth<\/b><\/p><\/td>

Maturity<\/b><\/p><\/td>

Decline<\/b><\/p><\/td><\/tr>

Objectives<\/b><\/p><\/td>

Identifying initiatives that the market truly needs.<\/span><\/p><\/td>

Learning from user experience<\/span><\/p><\/td>

Finding commercial channels or selling the patent<\/span><\/p><\/td>

Maximizing commercial opportunities and investing in brand positioning.<\/span><\/p><\/td>

Detecting decline early and analyzing the causes<\/span><\/p><\/td><\/tr>

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Manufacturing functional prototypes<\/span><\/p><\/td>

Manufacturing non-industrial pre-series units<\/span><\/p><\/td>

Industrializing the product<\/span><\/p><\/td>

Optimizing the product manufacturing prices.<\/span><\/p><\/td>

Opening the innovation cycle to perfect the product.<\/span><\/p><\/td><\/tr>

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Demonstrating the economic viability of the product<\/span><\/p><\/td>

Implementing improvements based on customer feedback<\/span><\/p><\/td>

Investing in marketing and analyzing new markets<\/span><\/p><\/td>

Continuously analyzing competitors' reactions<\/span><\/p><\/td>

Conducting commercial tests of the new versions in other markets.\u00a0<\/span><\/p><\/td><\/tr><\/tbody><\/table>

There are different <\/span>methods for analyzing the product life cycle<\/b>, among the most common is the <\/span>BCG matrix <\/b>(Boston Consulting Group). It is a mathematical scheme that compares the economic results and sales volume of your product with the dimensions of the target market you are aiming for.<\/span><\/p>

The <\/span>best method for analyzing the product life cycle <\/b>is one that provides information immediately, as the speed at which the arrival at each stage of the product life cycle is detected conditions the potential success of the new product in the market.<\/span><\/p>

The main <\/span>advice for inventors<\/b> regarding the<\/span> analysis of a product's life cycle<\/b> is not to be alarmed by the arrival of <\/span>product decline in the market<\/b>. It is a natural life cycle that requires preparation and strategic planning. If you have managed to bring the product to the <\/span>maturity stage in the life cycle<\/b>, it is very likely that you can recover the product's evolution by restarting the <\/span>product life cycle<\/b> process, i.e., by opening stages of continuous innovation, where you must improve the functional proposal but also the economic balance of the product.<\/span><\/p>

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Examples of product life cycles.<\/b><\/h2>

If we delve into the <\/span>analysis of the life cycle<\/b> of any product known in the market, we can identify the appearance of each of the stages that make up the <\/span>product life cycle<\/b>.<\/p>

The key to a product's success is related to its responsiveness and early identification of <\/span>product decline<\/b>. It is essential in this process not to lose focus, understanding focus as the <\/span>value proposition<\/b>, i.e., the basis of the real problems that are solved through the use of the product. In the following <\/span>examples of product life cycles<\/b>, it can be seen how companies like <\/span>Montblanc<\/b> and <\/span>Gillette<\/b> evolve their product offerings without giving up their core value proposition.<\/span><\/p>

We can cite multiple examples:<\/span><\/p>

Example of product life cycle | Gillette<\/b><\/h3>

Gillette's products are distinguished by the quality and excellence they offer for the shaving and personal hygiene process in general. Since the launch of their famous Mach3 razor, they have been hugely successful in the market. However, precisely because of the high prices that come with achieving such a level of excellence with their products, there are many competitors trying to introduce alternative solutions to the market. These range from the use of disposable razors to products very similar to their models, consisting of razors with interchangeable handles.<\/p>

The first decade of the 2000s was undoubtedly the maturity phase within the Mach3 razor product life cycle. They achieved an absolute boom of their products worldwide with a marketing campaign that began in 1999. However, in the second half of that decade, the leading razor brands and other competitors in the personal hygiene sector reacted by bringing disposable products and razors with interchangeable handles to the market, which were much cheaper and of medium quality.<\/p>

Faced with this market reaction, <\/span>Gillette<\/b> could have decided to give up some of the excellence of its products to enter into a <\/span>price battle<\/b> with its main competitors. Perhaps it would have been a big mistake. Their focus or key value proposition is precisely excellence. Therefore, far from reacting with a price reduction and consequent relinquishment of their excellence, what they have done is not to fail their customers, expanding their range of products with new, more expensive but also more perfect products if possible. In addition, they expanded their product range with deodorants, gels, and other products that in no way intend to compete on price, but rather stand out for their excellence. This clear and confident reaction to their main proposition \"quality and excellence\" has allowed Gillette to strengthen its brand as a market leader.<\/span><\/p>

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