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1 Idea Insights from GNPS
The Product Life Cycle
Episode 15-37
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2 Idea Insights from GNPS
Product Life Cycle
• Starts with Stage 5 – commercialization and product launch• Introductory Phase
• May need to educate customers on new technology
• Growth Phase• Sales increase, quality improves
• Maturity• Competition increases, products are standardized
• Decline• Fewer competitors, industry has over-capacity
Introduction Growth Maturity Decline
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3 Idea Insights from GNPS
Strategy in Introduction
• Prospector strategy • Risk-seeking
• Concentrate on minimum features
• Customers are lead users• Early adopters• Great feedback
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4 Idea Insights from GNPS
Strategy in Growth
• Quality of product improves• Feedback from lead users
• New competitors
• Manufacturing improvements
• Differentiate with advertising
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5 Idea Insights from GNPS
Strategy in Maturity
• Commoditization• Extend the life of the products and services
• Marketing effectiveness is important• Add features to differentiate among many competitors
• Full product line• Up-market and down-market• Take advantage of capacity
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6 Idea Insights from GNPS
Strategies for Decline
• Only two choices
• Divest• Difficult decision to shutter a factory
• Invest• Pivot and introduce new products
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7 Idea Insights from GNPS
For More Information
• See the full post at the Idea Incubator Blog• www.globalnpsolutions.com/idea-incubator/• Free registration
• Contact me!• 1-281-280-8717• [email protected]• 2323 Clear Lake City Blvd., #180-177 Houston, TX 77062
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