Dear Friends, I have many questions about product life cycle: 1/ New product introduction stage: The market is not yet available, the basic purchasing power is not high, running continuous campaigns + promotions, gross profit margin is only 1-3% and it can be less than 0. 2/ The Growth stage: The market has accepted the product and continues to grow in terms of market share, at this time, revenue and gross profit has grown steadily, basic purchasing power has increased, but it costs a lot to run campaigns and maintain. Basic promotions. 3/ Booming period: Revenue and gross profit grew significantly (> 20%). 4/ Should we track the product life cycle year by year?. Do you have any suggestions?. Thank you.
Hey @ytuong1, I only read two questions in your comment. Should the product life cycle be tracked year-by-year? Yes and it depends. For my company, Dev teams work in sync to the company's quarterly schedule and we use the yearly industry trade show as a deadline for major releases. We monitor telemetry per product and use them to feed research hypotheses. Due to the program increment planning cycle the product owner can coordinate with the Research teams four times a year. However, if the issue is a P1, then Agile dictates a pivot to adjust for the new data. To suggest "year-by-year" tracking might actually be too far apart to be useful, but this is dependent on available manpower. Your second question asked for "suggestions?". Based on your description of the product, 20% market penetration is not significant, since this encompasses early adopters. Only an excess of 30% will turn heads towards your product. Your goal will be to continue market growth, but it will be up to the data your research team pulls to determine your strategy. My suggestion is to make room in your budget for generative research. Good luck!
Dear Friends,
I have many questions about product life cycle:
1/ New product introduction stage: The market is not yet available, the basic purchasing power is not high, running continuous campaigns + promotions, gross profit margin is only 1-3% and it can be less than 0.
2/ The Growth stage: The market has accepted the product and continues to grow in terms of market share, at this time, revenue and gross profit has grown steadily, basic purchasing power has increased, but it costs a lot to run campaigns and maintain. Basic promotions.
3/ Booming period: Revenue and gross profit grew significantly (> 20%).
4/ Should we track the product life cycle year by year?.
Do you have any suggestions?. Thank you.
Hey @ytuong1, I only read two questions in your comment. Should the product life cycle be tracked year-by-year? Yes and it depends. For my company, Dev teams work in sync to the company's quarterly schedule and we use the yearly industry trade show as a deadline for major releases. We monitor telemetry per product and use them to feed research hypotheses. Due to the program increment planning cycle the product owner can coordinate with the Research teams four times a year. However, if the issue is a P1, then Agile dictates a pivot to adjust for the new data. To suggest "year-by-year" tracking might actually be too far apart to be useful, but this is dependent on available manpower.
Your second question asked for "suggestions?". Based on your description of the product, 20% market penetration is not significant, since this encompasses early adopters. Only an excess of 30% will turn heads towards your product. Your goal will be to continue market growth, but it will be up to the data your research team pulls to determine your strategy.
My suggestion is to make room in your budget for generative research. Good luck!
Could anyone add subtitles please? The auto-generated is really bad
Hi can I have a shoutout please love the vids