Products sold, new customers, new products, new revenue, ontime delivery, etc.
The main objectives of managing
your Product life cycle are to reduce the time required from
development to market, to improve product quality, to reduce
the costs of product development, to identify potential
sales, marketing, revenue, profit and growth
opportunities... To create successful new products the
company must really well understand its customers, markets
It is also very important for decision makers to understand
the limitations as well. It is difficult for management to
assess accurately where a certain product or service is on
its life-cycle. For example a sudden revenue growth is not
necessarily evidence of successful and sustainable growth.
Differing products possess different life-cycle behaviors
and the shape of the product curve varies from one product
For most products, the time in each product stage is mainly
unpredictable and it's difficult to kn9w the time when each
stage begins and/or ends.
Because of these limitations, strictly following this
product marketing model can lead to many misleading
conclusions and decisions by marketing and product managers.