The product development life cycle describes the phases a product goes through, from initial concept to eventual market exit. This cycle usually has four different phases: introduction, growth, maturity, and decline. Each phase lasts for a different amount of time, and businesses modify their tactics to successfully transition between them.
A system for managing the product’s development is the Product Development Life Cycle. The Product Development Life Cycle, or PDLC, is an continuous process that relies on feedback to make sure that all stakeholder criteria are met. The PDLC is further broken down into seven stages. Let us read stages and why do companies require Product Development Process.
What is the Product Development Lifecycle?
The steps that a product goes through from the starting point to its ultimately release and beyond are known as the product development lifecycle. Quality, effectiveness, and market preparedness are guaranteed by this systematic process.
This lifetime guarantees that the product satisfies both company objectives and customer demands and expectations. The stages of this lifespan are mostly the same, but they differ depending on the product and company.
Why do companies require a Product Development Process?
A product development process is necessary for businesses to guarantee that their product is created effectively and with the needs of their clients in mind. This process requires that a product be developed from the very beginning to the point of launch. It helps to guarantee that all required actions are performed and that possible issues are found and dealt with as soon as possible.
It makes it possible for everyone participating in the development process to communicate and work together more effectively. This process also guarantees that the finished product satisfies or beyond the clients’ needs and expectations.
7 Stages of Product Development Life Cycle
Products that are successful take time to develop. They are the result of a careful, slow process that demands endurance and guarantees success throughout and after product creation.Â
Prioritising a lean, user-centric operation is ultimately necessary to provide a minimum viable product (MVP), gather feedback from customers, and start making money as quickly as possible. Here is a breakdown of the stages of the product development life cycle:
- Ideation
- Validation
- Prototyping
- Marketing
- Development
- Launch
- Improvement
1. Ideation
The understanding phase of product management includes idea generation. It involves gathering a list of possible product concepts based on market research, consumer demands, or new developments in technology.Â
For example, a business can identify a market sector or a chance to improve current offerings. The product can move on to the following phase of the cycle after the product development team has decided that the idea is promising and has analysed its potential.
2. Research
The team must carry out market research at this stage of the planning process in order to fully understand their target market, potential customers, and competition. This market research helps in directing product choices while assessing the practicality of various features.
Defining the target platform and any required hardware is also important when developing a software product. The technical roadmap of the product, which includes the development platform, software tools, and design technologies, is often determined during the research phase. Product requirements documents (PRDs), which define technical specifications and product characteristics, are also created at this stage.
3. Validation
Validation is the next phase of the product development life cycle. The product team uses focus groups, interviews, user testing, and surveys to confirm the results of its preliminary research.
The goal of the research conducted at this stage is to collect information that will guide decisions on product design, in addition to validating the product idea. The amount of time and money required to develop the product can be calculated using such data.
4. Development
This brings us to the product life cycle’s development stage. Prototypes and alpha (testing) versions are made at this phase to gather user input and conduct real-world testing. The development team can improve the product design and make any required adjustments based on user validation and customer feedback.
A minimum viable product (MVP), which is a version of the product with just enough features to satisfy client expectations, may occasionally be built first by the development team. Before spending excessive time and money creating a product that might never be used, this helps the team identify any problems.
5. Production
The product moves into the production stage once it is prepared for commercial use. This is the stage where all required parts will be made and put together before going through quality assurance (QA) tests.
QA tests confirm that the product satisfies all technical requirements and operates as intended. This is accomplished through the use of simulations and different test methodologies, including security, compatibility, performance, and usability testing.
Any changes made through production should also be recorded to monitor any advancements or adjustments made during the process. The product is ready for distribution and packaging.
6. Launch and delivery
When the product is prepared for release, marketing activities are intensified, and the product is made available to consumers. Campaigns, promotions, website upgrades, and any other marketing-related duties fall under this category.
The marketing division strives to generate excitement and expectation for the launch during this phase of expansion.
The product development team is also in charge of the product’s actual deployment and delivery. This may involve coordinating other development processes, building a support system, or generating client accounts.
7. Post-launch evaluation
Post-launch evaluation is the only step that completes the product development life cycle. The maturity stage’s objectives are to collect consumer input, measure customer satisfaction, and assess the performance and quality of the product.
Product indicators, including sales numbers, user engagement rates, churn rates, and product reviews, are tracked, along with usage data, to achieve this. Product decisions, such as initiatives for product optimisation or feature improvement, are then informed by this data.
What is a Product Development Strategy?
Product development strategy is the process of setting business goals and figuring out how to reach them. As a product manager, you must understand consumer wants, market trends, technological constraints, and the product development life cycle to create a plan that assures your product’s success.
There is an interdependent relationship between product development and strategy: the development process serves to shape and improve the overall product strategy, while the product strategy directs the development process. It also means that to keep the two in sync, they must be continuously checked, modified, and, if required, re-aligned.
Product Development Examples
Consider a well-known beverage brand such as Coca-Cola. People purchase Coca-Cola because they are familiar with and enjoy the flavour, but what about the seasonal and new flavours?
Every soft drink business, including Coca-Cola, begins by doing market research to find out consumer preferences before creating a new flavour. A minimal viable product is the first step in testing, which eventually results in a more polished product. The new flavour is at last prepared for release after many hours of refining items based on input from consumers and knowledgeable taste inspectors. Smaller brands use product development.Â
Every excellent product, from the modern products you purchase on Amazon to some of the most well-liked Shark Tank items, starts with a complete product development plan. Without countless hours of research, testing, and development, household items like Scrub Daddy sponges would not be available in stores today.
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Product Development FAQs
Q1- How long does the product development life cycle typically take?
Ans- The life cycle of a product can vary from a few months to several years. It develops most quickly at well-established businesses that sell to a comparable client and make iterative improvements to current products. If a startup is creating a product from the ground up without any connections to the supply chain or clients, it may take a lot longer.
Q2- Do businesses typically have a set budget and timeline for the product development life cycle?
Ans- Budgets and schedules are set up by product managers for every phase of the product development cycle. These documents set expectations and center all departments on a single goal.
Q3- Does the product development life cycle typically involve multiple iterations of each stage?
Ans- Multiple phases of a stage may be included in a product development lifecycle. For example, if a prototype doesn't impress prospective consumers, the product team will go through the prototyping process again.
Q4- How does customer feedback influence the product development life cycle?
Ans- An important component of the product development life cycle is customer feedback. Developing a viable product that will remain in the market for years is the foundation of each cycle phase. Customers' negative reactions to a design are a negative sign for the long-term viability of the product.
Q5- Is it important to continually evaluate and improve a product after its launch?
Ans- The product life cycle is only getting started when the product development life cycle is over. Following the introduction, companies keep an eye on their products to make sure they are safe and long-lasting. They also take into account consumer input, including unexpected use cases and ideas for improvements.
