Product lifecycle management

Product managers guide products through different stages from concept to retirement. Each phase needs different approaches. Understanding this lifecycle helps product managers use the right strategies at the right time.

The main phases of the product lifecycle include:

• Introduction phase: Validating ideas and finding product-market fit. Product managers run experiments, test prototypes, and gather feedback.
• Growth phase: Scaling features and expanding the user base. Product managers focus on performance and reaching more users.
• Maturity phase: Enhancing existing features and maintaining market position. The priorities shift to efficiency and defending against competitors.
• Decline phase: Deciding whether to refresh, pivot, or sunset the product

Product managers must:

• Recognize when a product moves from one phase to another
• Balance immediate needs with long-term health
• Prepare teams for changing priorities between phases
• Avoid treating all products the same, regardless of their maturity^[1]