Blog: SequentLearning.com
PRODUCT MANAGEMENT CONSULTING – WHAT MAKES SOME PRODUCTS BETTER THAN OTHERS When you look at the market across various industries, you will notice that there have been various products and services coming and going along the years. Merchandise that was once the most preferred brand to choose for a majority of consumers often loses its value in the market. On the other hand, products that we didn’t think would make it at all turn out to be rising stars. The future of a product depends upon which stage it is at during its product life cycle and the decisions that the marketing and manufacturing team takes in accordance with these situations. And this function is what is referred to as product management. This product life cycle happens to be one of the most natural phenomena that occur in business sectors. Everything that enters the market has to exit as well at some or the other point in time. It is the grace with which the exit occurs and the profitability that it is able to generate in the meantime, that counts. This is what determines a product’s success in the market. Take the Macintosh computer for example.. Back in the 80s, the Macintosh took the computing world and the publishing business by storm because it offered many interesting capabilities during the introductory stage. When it reached the growth and maturity stages, the first Mac models brought in high revenues for the firm. Unfortunately, technology may become obsolete. The change in leadership at the firm also affected company operations and product sales. In the end, the product design had to be revamped completely to catch the attention of customers again. A brief study of these stages will eventually help you understand what is right for your company as well.