The product life cycle outlines the stages a digital product undergoes from inception to retirement. Here are the 5 steps:
1. Introduction: The product is conceptualized and developed, targeting early adopters. Marketing focuses on unique features to build awareness.
2. Growth: User adoption expands as the product gains traction. Marketing efforts broaden to reach a larger audience, and user feedback guides improvements.
3. Maturity: The product achieves peak adoption. Differentiation becomes crucial amid heightened competition. Marketing may emphasize loyalty and satisfaction.
4. Decline: Changes in technology and user preferences lead to decreased sales and engagement. Businesses decide whether to phase out or update the product.
5. Retirement/Replacement: The product becomes obsolete and is retired or replaced by a newer version. Transition plans are executed for affected users.
This cycle underscores the importance of continual innovation, user feedback, and market adaptation for sustained success in digital product development.