Managing through the lifecycle
Product management and innovation are intimately connected processes that require skilful interventions to maximise returns at every stage.
Product life cycle, Crossing the Chasm, Entering the Tornado, Sustaining and Disruptive innovation theories model steps to be taken as products move from their birth to infancy and ultimately to their maturity. Familiarity with these theories is critical for product management success. The 7Ps of the marketing mix also provides a framework for different actions that can be taken across the life-cycle.
In order to maximise profit, product managers need to firstly understand at which stage the market is at. If the product is new for a brand-new market then disruptive innovation and its techniques are required to move through introduction and growth. If the market is already in the growth/majority phases or beyond then sustaining innovation techniques are essential.
In this paper we bring all of this together, providing a straightforward and actionable guide for all companies and product teams.