Discover how to manage the lifecycle of a digital product in practice

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A product life cycle encompasses several phases that identify the stages a digital solution goes through — from its initial conception to its use in the market and, eventually, its decline.

Understanding these phases is essential to map growth potential , predict innovations and anticipate the challenges that the team and management will face over time.

This strategic vision allows managers to identify opportunities to maximize revenue generation and, at the same time, adjust their actions as the product progresses through each stage.

See below how each phase of the product life cycle plays an important role in the success of management and the company's competitiveness in the market.

What is a product life cycle?
The life cycle of a product comprises the stages it viber data goes through , from its beginning as a launch until the moment it leaves the market.

Understanding the life cycle is one of the main concepts that underpin a good product strategy .

Firstly, because it helps to understand management priorities, align expectations and define goals and indicators that are consistent with the current situation.

Second, because it helps to understand whether a product is no longer worth the effort and needs to be discontinued . This perception avoids wasting a series of valuable resources and ensures the team's agility .

What are the 4 phases of the product life cycle?
The 4 phases of the life cycle are: introduction, growth, maturity and decline.

See each one in detail:

Product life cycle chart with introduction, growth, maturity and decline phases over time.
Introduction phase
The introduction mainly includes the product launch stage . It is common to also include the preliminary phase, product design, with planning, roadmap, prototyping , testing and others.

In short, it is time to present the product to the world and win over some users, the first adopters or, to use the most common market jargon, the early adopters.

The launch must be based on good analyses and product marketing actions , to achieve the desired product-market-fit .