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Product Life Cycle – Best Examples

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The product life cycle (PLC) is the series of steps through which every product goes. Product life cycle stages- Introduction, Growth, Maturity and Decline.

As a Product Manager, this is what you constantly need to think about.

Check out the list of top 9 product management courses.

The lifecycle of your product is all you should ever care about. After all, nobody is more responsible for a successful lifecycle than a Product Manager.

Equally important, nobody is more responsible for a failed lifecycle than a Product Manager. This is a good time to understand the following differences –

Let us now go over the definition.

If you are looking to break into product management, check out how to become a Product Manager.

Product Life Cycle Definition

The product lifecycle consists of four stages. Each stage has its own little nuances that you need to understand.

What works in the first stage may not work in the second stage.

Additionally, the way each stage behaves for a product depends on a variety of factors, including audience type, competition, pricing, etc.

Your job is to identify your product niche and deep dive into it.

See what works and what does not. Track your features. Learn Jira or any other tool. Check out the list of top 10 PM tools.

Product Life Cycle Stages

The four stages of the product lifecycle are –

  1. Introduction
  2. Growth
  3. Maturity
  4. Decline

We will cover each stage in detail.

The product lifecycle consists of four stages. Each stage has its own little nuances that you need to understand.
The product lifecycle consists of four stages.
Source

It is important to fully understand each stage. Eventually, you need to prepare your product for each stage.

You takes weeks planning for the perfect launch, you use tools like Scrum or Kanban.

This is a good time to learn the top 15 benefits of Scrum. Not to forget the top 15 benefits of Kanban.

But it all comes down to your market launch.

Introduction

The product life cycle introduction is where the magic begins.

This is when you launch your product. Keep it simple. Don’t forget the KISS principle.

It is in the initial phase, and you are trying to get customers. It will take time to build a loyal customer base.

During introduction, there are various product life cycle strategies that you can start with.

However, I would strongly recommend Google’s OKR framework.

Growth

Your product is starting to get noticed. People organically buy/use your product and they like it. Your product’s usage is growing everyday.

You need to be really agile here. Learn the basics of agile methodology.

Do whatever it takes to market your product.

Think like a consumer.

When there is an opportunity, grab it like Warren Buffett.

Maturity

Your product has reached maturity and is considered amongst the best in its class. People use it frequently and it is an established brand name.

A Product Manager should be aware of the competition at this stage.

Communicate effectively with your developers. Tell them what is coming next.

Prepare your sales team. Prepare your marketing team.

Learn to communicate like a boss PM.

Especially of the newer ones. The ones that you thought couldn’t touch you.

The key here is to be product agnostic.

Decline

New and better products have been entering the market. They have a fresh look and offer better features for a lesser price or for free. You need to refresh it.

Learn to influence without authority.

Sometimes, people talka about “product life cycle 5 stages”. When people say 5 stages, they are basically referring to a sub-part of the decline stage.

This fifth stage is basically the “refresh” stage when you bring about a new version of your existing product.

But, the more acceptable practice is to consider that refreshed product as a new product with a new lifecycle.

Product Life Cycle Video

I have covered the basic concepts of the PLC in the below video.

I go over all the stages and some very well known examples in this video.

Let us go over the examples now.

Product Life Cycle PPT – Product Management Life Cycle Stages

Here is a very detailed PPT presentation on the key concepts of the PLC.

This PPT contains examples of some well known failed products.

Check out the top 10 biggest failed products of all time.

Product Life Cycle Examples

Every single product that you hear about today can neatly fit into the product lifecycle described here.

In fact, every single product that has been ever produced or will be ever produced must follow the product lifecycle.

Let us go over some product life cycle stages examples.

Before we talk about more examples, I want to make a special mention for Nokia.

Nokia is considered a favorite example whenever the concept of product life cycle is discussed.

Nokia is considered a favorite example whenever the concept of product life cycle is discussed.
Nokia is considered a favorite example whenever the concept of product life cycle is discussed.
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Introduction Stage Examples (Product Life Cycle Examples 2020)

These products have not yet entered the popular imagination.

You hear about them on and off. But, the majority do not take these products seriously.

These products are yet to find the right fit. Many need to go through a few iterations before they become mass products. We can call these your product life cycle examples 2019 or product life cycle examples 2020.

Products that are yet to make an impact include –

  1. Flying Cars – We have been hearing about this for at least a decade now. But, flying cars are yet to “take off”. Pun intended.
  2. Smart Glasses – These were a craze when they were launched by Google and Snap, but people didn’t really take to these. Maybe we are all waiting for Apple to launch something.
  3. Online Healthcare and Online Education – People preferred actually going to a hospital or to a school. However, with the current pandemic, the online options are bound to take off.
  4. Virtual Reality (VR) Headsets – These have been around for a years now, but they have not really taken off. These are used in very niche segments like gaming and research.
Online Healthcare and Online Education - People preferred actually going to a hospital or to a school. However, with the current pandemic, the online options are bound to take off.

This is also a good time to understand the nuances of coronavirus product management.

Growth Stage Examples

Let us now talk about the product life cycle growth stage products.

These products were considered fringe till a few years back.

However, they have started to enter the popular imagination now.

When people are buying something new, these new age growth stage products are a factor. These occupy mindspace and are a viable alternative to the traditional products.

Growth stage products include –

  1. Electric Cars – Electric cars are at a stage where if a person can afford them and the required infrastructure is available, then people strongly consider electric cars.
  2. IoT (Internet of Things) – Any device that is internet enabled vs those that are not. You can think of your microwave, fridge and even your light bulb.
  3. AirPods – Wireless earphones have been around for a few years. But, it took Apple AirPods to really sound the death knell for wired earphones or headphones.
  4. Organic Foods – A slightly different example, but it is still relevant. Organic foods have really entrenched themselves into the minds of the millenials in some high income countries. But, it will take time for organic to really become mainstream in all markets, especially the developing ones.

Maturity Stage Examples (Mature Products Examples)

The maturity stage of product life cycle refers to products that almost all of us are very familiar with.

These products are fairly mature.

Expect them to decline within the next decade and give way to products that are considered new or experimental.

You may be so used to something today that you think you will use it forever.

But, history always repeats itself.

You abandoned products before. And you certainly will abandon products in the future. A lot of these are your product life cycle examples 2017 or product life cycle examples 2018.

Examples –

  1. TV Cable Connection – If you have recently moved to a different city and rented a place, chances are that you would not have signed up for cable connection. Netflix, Amazon Prime, etc. would more than meet your needs.
  2. Fuel guzzling cars that run on diesel/petrol/gasoline – These have reached maturity in most developed markets. But, they are still the go to option in under-developed or developing markets.
  3. Kitchen appliances that are not internet enabled – Again, same as above, these are the first choice for newly middle income families in under-developed and developing markets.
  4. Personal Computers – These are almost at the edge of the decline stage. Except in specific cases like financial companies, researchers, gaming communities, etc., these are on their way out.

Decline Stage Examples

This is the part of the product life cycle theory that most people simply choose to ignore.

If you are a 90’s kid, consider any product from that generation.

I’m sure you are already thinking of a few products here.

The decline stage products listed here are not very popular these days. These have all been replaced by something that is more user friendly and probably cheaper.

Here you go –

  1. CD/DVD Players – It was the floppy disc before this. And now we use USB drives, but these too shall go away.
  2. Landline Phones – Mobile phones made these obsolete.
  3. Keypad Mobile Phones or Feature Phones – Smartphones made these obsolete.
  4. Waterfall model! – For all you agile nerds out there!

However, some of these decline stage products have managed to reinvent themselves and are now available in a new avatar.

Expect rapid re-invention during the current crisis.

Learn to effectively navigate your way during the current crisis.

The product life cycle (PLC) is the series of steps through which every product goes. Product life cycle stages- Introduction, Growth, Maturity and Decline.

By now, I am sure that you will be able to grasp the importance of product life cycle management.

Facebook Trivia Quiz – How Well Do You Know Facebook?

Before proceeding to the product life cycle of Facebook, let us look at Facebook’s history.

Take this short quiz to see if you can get all the correct answers!

Facebook Product Life Cycle Example

Facebook hit around 90 million users in 2007.

And it appeared that the Facebook growth curve had flattened and would probably head into the maturity and decline phase.

Then, Facebook came up with the PYMK feature.

PYMK stands for “People You May Know”. That really took things to whole different level.

The important thing to note here is that Facebook was able to use a few feature to extend its reach into its target audience.

Separately, Facebook is also very good at buying out competition.

Facebook bought out Instagram in 2012 for approximately $1 Billion.

Facebook bought out Whatsapp in 2014 for approximately $19.3 Billion.

The important thing to note here is that Facebook was able to use a few feature to extend its reach into its target audience.

It bought out Instagram and Whatsapp so that all those users could be plugged in to the Facebook ecosystem.

These decisions paid rich dividends to the product life cycle of Facebook. So much so, that instead of considering the entire website as one product, it is now better to consider individual features as individual products.

Considering individual features as products gives us a better sense of where each product is in the PLC. Think of it this way, when something starts off as a small product, it has its own PLC. But, when that product becomes large enough to be called an ecosystem, individual features become products in their own right.

As a bonus, check out the career path at Facebook and other top tech companies.

Conclusion – Product Life Cycle

Effective and fruitful life cycle management is an art that you will develop over time.

Learn the skills of effective product management.

Take time to really understand this and how you need to manage each stage.

If you are a software developer and are looking to contribute towards product management without switching to the field, then check out this guide on how to contribute towards product management.

Go through the above product life cycle stages examples in detail. Take some of your favorite products and do your own product life cycle analysis.

You will eventually find one of the many product life cycle strategies that works best for you.

For a good example of product lifecycle management best practices, you should check out what makes Elon Musk such a good Product Manager.

A detailed product life cycle management PDF can be found here.

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