Marketing Throughout a Product Development Life Cycle: The Basics

 Companies that rely on the regular development and distribution of products for consumer use require different types of marketing plans depending on where a product is in its lifecycle. The marketing team is expected to be agile and flexible to come up with new ways to get customers for the product as per the stage of development that a product is in.



A short guide on how marketing works with the product development cycle includes:


  1. The Introduction: This is when a product is going through the research and development process. It is a stage that requires investment in the product and marketing. Marketing during this stage would include getting a target audience aware of the product.


  1. Growth: This is when a product has been released in the market. The marketing tactic during this stage involved creating hype around the product and ensuring that there is the maximum profit that can be made. 


  1. Maturity: This is the stage where the product is stable in the market and has been made. Peak sales for the product through have been achieved. The marketing tactic during this stage involved ensuring that the product does not go off the market and that more customers are interested in it.


  1. Decline: During this stage, other products are present in the market which is better than the current product. During this stage, marketing usually shifts their tactic to market a new product or run some campaigns to sell all remaining inventory. 


In addition to traditional marketing, a product can also be marketed digitally, through e-commerce, on social media, or by utilizing the target audience's digital touchpoints.

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