Products and services go through life cycles of growth, maturity and decline. However, they don't all die.
Product life cycle is really about product innovation and reinvention.
As with most things in today's business world, if you do not adapt, adopt and wisely reinvent yourself, you become a dinosaur. And we all know what happened to them.
Not all creatures at that stage of Planet Earth's life cycle died. Those that survived had certain characteristics that helped them change.
The same is true for products and services in today's business environment. Why? Because the business environment is changing at an ever-increasing rate. Change is great for innovation. And innovation is great for changing your product to attract new users, reach new markets and apply new technologies. Product life cycle is not a linear birth-to-death process. Rather, it is a process of constant reevaluation and reinvention.
What are the critical methods of maximizing a product's life cycle? Continuously ask yourself these questions:
By asking these questions, you force innovation and reinvention – the lifeblood of maximizing product life cycle.
(Note: The stages of growth, maturity and decline are preceded by a product's development stage, which is covered by TrustedPeer Expert John Carter in Product Strategy - Consumer Electronics and Technology, https://dev.trustedpeer.com/t/211.)