Product life cycle: expectations vs reality
It is always an exciting time when a business comes up with the idea of a new product. From its development to introduction on the market, to its growth, maturity and decline, managing the product lifecycle shapes your business, but the journey is not always straightforward.
In this fast-paced era, with so many innovations and competitors, it has become a challenge to match your product and services with your customers' needs and desires. One cannot stress enough the importance of considering what the customer really wants or needs before embarking on the expansion or design of a new product or service.
Defining the strategy of your product or service lifecycle at an early stage is therefore crucial to avoid falling into the pitfall of focusing on the value customers may attribute to it. Your product or service value rests on two principles, which involve what customers want and what solution your products offer them.
Managing the outcomes of a new product and the expectations of potential customers may be challenging. We, at the OVAC Group, can help support your business’ product lifecycle. Email us at firstname.lastname@example.org for a free consultation.