Product Development lifecycle consists of all major stages incurred during the development of a product. It starts from the planning phase to the implementation phase. A product goes through various stages until it is deployed over the market and reaches its peak.
The product development lifecycle plays a major role in developing a successful large scale product for the market. In this article, we will learn about the major stages in the product development lifecycle.
Product Development Lifecycle Meaning
Whenever a software application is delivered in the market it goes through a series of stages which requires proper planning and sound implementation to ensure the product’s success in the market. The product development lifecycle consists of different methodologies such as the Waterfall model, agile model, Incremental model, Spiral model, etc.
The product development lifecycle outlines how an idea is developed and delivered in the market. From planning to deployment and maintenance stage it marks an important value which marks the success probability of a product.
Also, check What is Waterfall Product Management Technique
Four Major Stages of New Product Development Lifecycle
If you want a simpler explanation of the product development cycle then it includes four major stages starting from when the product enters the market to peak value.
New Product Development Stage
This stage marks the emergence of the idea of the product to launch in the market. The competition in the market is at an all time high where a product development lifecycle must not follow an all-in approach. Plan on releasing multiple versions ensuring feature upgrade in all version updates.
Idea Generation
This is the initial stage of a product development lifecycle which uses brainstorming sessions, market research, competitor analysis, and customer feedback to create a productive idea for the market.
Idea Screening
The idea screening stages evaluate technical, finance, and market viability based on the idea that fits the company’s strategic objectives. It also involves identifying potential risks and challenges associated with the idea.
Development and Testing
This stage marks developing the description, sketches, and prototypes of the product which involves testing, and gathering feedback aligned with the customer needs and preferences.
Business Analysis
The business scope of the product is studied and analysed based on the data and information available. Various activities such as cost estimation, sales forecasting, and Return on Investment (ROI) are calculated in this stage of the product development lifecycle.
Build a Prototype
Develop a prototype or simple mockup of the application which can be used to get valuable customer feedback. This stage helps fill unseen gaps and include missing features in the product.
A prototype can easily be created using wireframes to simulate the product design and functionality. We use various marketing approaches such as online surveys, Q&A, forums, etc to predict whether the solution is of any interest to the potential or we need to make changes either big or small.
Initial Development
The product sets foot in the initial stage of development where the architecture, tools, database and other aspects are studied to prepare a solid foundation for the product.
Product Release
The product goes through a building stage where the architecture, design and structure are coded and implemented along with features and functionality added as planned.
The product after a series of testing and end to end analytics is ready to be deployed and released in the market. We can easily monitor the performance of our product after deployment through customer feedback and overview tools.
Also, check, What is the concept of Product Management and Growth
Introduction and Growth Stage
After putting the product online the product development life cycle now shifts to growth and revenue perspective. To target your potential customers we generally start planning marketing strategies even before the product gets ready.
It is important to develop an audience and community around your brand and spread the message behind your product or your goals you want to achieve with the product you are developing. A better planned storyline can easily boost and attract customers to a point where they start taking interest in the product.
You can start onboarding a few of the potential customers who showed strong support. Let them try a beta version of the application as they will contribute well towards the development we might need in the application at the later stages to improve the overall user experience of the product.
If the product succeeds in showing usability and familiarity to people around then it would be easier to take it to the masses however the introductory stage is a high risk stage in the product development lifecycle.
Failing at this stage might drop your product down, this might happen due to many reasons such as no better usability of product, poor marketing, etc. This stage is full of ups and downs, and you must prepare yourself for a high budget advertisement, education, acknowledgement, and community development to reach potential customers.
Also, check, the Detailed Product Development Process
Growth Stage
This stage marks the growth of the product where the product platform starts enrolling plenty of users which might scale up the revenue collection. This stage is a result of proper marketing efforts earlier while justifying the usability of the product.
This stage marks the following development as noted below.
- Growing customer base
- High revenue
- Brand awareness expand
- Higher market value
- Move toward Stability
At this stage you must ensure that your product runs smoothly and is fit to handle any unexpected traffic surge. Do not make frequent price changes after seeing a surge in traffic. You can customise your application to add new features and expand if necessary.
Maturity Stage
This stage marks the “stability” or “saturation” of your product where you have already achieved a peak phase and now have to focus on staying for long in the market. To compete with old existing rivals and new ones you will need to come up with new offers, features and improvements that can set you apart from your competitors in the market.
Do not make frequent price surges as it might disbalance the trust of your clients. Try to improve the quality of the product, add some useful features, etc.
Decline Stage
This stage marks the “afterlife” of a product as the product maturity stage might end gradually sooner or later. It depends on how well we focus on improving the product to stay on the top.
However, there are various factors which might take the product downwards where you will notice a decrease in sales and profits. It might be due to many longing reasons such as
- No longer use of the product or better alternative available in the market.
- Competitor escalates to the top with added features
- Poor management of the product in the maturity stage
During this stage you might prefer to keep the product price as low as possible to maintain the client base and work on alternative products on the sidelines.
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Product Development Lifecycle FAQs
Q1. What is the product development lifecycle?
Ans: Product development lifecycle is the series of stages starting from the development of ideas to launching and marketing stage. It generally includes certain major stages such as ideation, research, validation, prototyping, development, production, launch and post launch stages.
Q2. What are the 7 stages of product development lifecycle?
Ans: The product development lifecycle consists of the following stages given below.
Ideation
Research
Validation
Prototyping
Development
Production
Launch
Post Launch
Q3. What are the 5 stages of a product development lifecycle?
Ans: The Product development lifecycle include the following five stages.
Product development
Introduction
Growth
Maturity
Decline
