Everything and anything has a lifecycle including human life, human created lives, trees (Spring to Autumn), sun (evidence: Global warming), planets (Planetary changes) water (evidence: Global warming). So, either it is artificial or natural, life cycle is common. To me, anything is a product eventually, every product has a life cycle. Nature means life but it does not mean permanent. If humans does not take enough care, nature changes its nature either, it is called transformation from one stage to another stage. The moment we think that we are in ‘Maturity’ stage, immediately ‘Decline’ follows. It is always good to be in ‘Growth’ stage. So, keep growing…growing and growing.
Every stage of a life cycle is important. Cycle keeps rotating, every consequent cycle needs betterment to sustain/survive.
Software has a life cycle too, it has six different stages in the life cycle.
Research
Significant research is required before building a product. The research should have a direction, either solving a new problem or different solution for already solved problem. That’s the reason market research is very much imperative. Why to do market research? please read from below link.
Development
The outcome of market research triggers development. A concrete plan and architecture of the product have to be developed before starting the product development. The second stage of the life cycle (development) works as the bridge between research and the next stages, maximum of the product life cycle time consumes here. How to build a product plan — Please see below.
Introduction
Quality check is a mandatory activity before introducing the product. Is it required all the time? Yes, each cycle should have betterment. Eventually, betterment or enhancement should be communicated to the customers. Two major parts of introduction stage are marketing and branding. How to introduce the product to the market — Please see below.
Growth
Majority of the entrepreneurs say, if you can’t manage the failure it is difficult to manage the success. Yes, that applies in the ‘Growth’ stage. Growth stage is the biggest milestone to handle and succeed as a business owner/entrepreneur. Where to spend?, Where not to spend?, How to leverage the growth to sustain for a longer time? Fine tuning the product, retaining the core team, are the major factors to take care in ‘Growth’ stage.
Handle the growth and enjoy the success otherwise, growth will handle you.
Narasimha Mohan
Maturity
As I said, the moment product owner feels that the product is matured enough, innovation stops. Continues innovation keeps sustaining the product for a longer time. To me, there is no matured stage however, few products which have no scope for enhancement.
Decline
Product goes to decline stage due to lack of research, innovation and enhancements. One more factor which can push the product into ‘Decline’ stage is lack of marketing. I would suggest enhancing the product in parallelly from the growth stage which could avoid the decline stage for a longer time.
Enhancements is not a stage, it is a continues process to cover all three stages from growth to decline.
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