DP - Product Opportunities and Life Cycle [LESSON]

Product Opportunities and Life Cycle

Product Opportunities

New product opportunities come from:

  • Changes in life cycle
  • Changes in technology
  • Changes in the market or society
  • Changes in the economy

Find opportunities where you find the gaps!

Gap is the difference between what is currently available and what is needed or desired.

Product Opportunity Gap - Social: Social and cultural trends and drivers revving historical trends. Technology: State-of-the-art and emerging technology, re-evaluating existing technology. Economic: State of the economy, shift in focus on where to spend money, level of disposable income.

 

Product Life Cycle

The product life cycle describes the life of a product in the market with respect to costs and sales measures.

For example:

Product development and product life cycles go hand-in-hand. It is important that businesses continually develop new products to replace those that are declining. For example, consider the product development and life cycle of a video game. Often the games take 2 to 4 years to develop. Once they are released on to the market, their product life cycle is usually about 6 months.

The stages of the product life cycle are:

  • Introduction
  • Growth
  • Maturity
  • Decline

Characteristics of each stage: Click each word to learn more.

<

[CC BY 4.0] UNLESS OTHERWISE NOTED | IMAGES: LICENSED AND USED ACCORDING TO TERMS OF SUBSCRIPTION