What is the Product Life Cycle? Stages, Key Strategies and Effective Management Tips

When McDonald’s faced declining sales and negative publicity in the early 2000s, it applied Product Life Cycle (PLC) management strategies through the “Plan to Win” campaign, focusing on product innovation, quality improvement, and customer experience. As a result, the company’s revenue grew from USD 15 Bn in 2003 to USD 27.4 Bn in 2014, a CAGR of around 10.8%. 

The Product Life Cycle is a simple framework that maps a product’s journey from its initial concept through growth, maturity, and eventual decline. Understanding the PLC helps businesses plan strategies, optimize performance, and make informed decisions at every stage. This blog explores the stages of the product life cycle, why each phase matters, and how effective product management can drive business success. 

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What is Product Life Cycle (PLC) and Why Does it Matter?

The Product Life Cycle describes the different stages a product goes through from its inception to its withdrawal from the market. 

Much like a tiny seed growing into a towering tree, a product’s life cycle begins as a simple idea and matures into a fully developed offering that generates substantial returns.

Let's start with a quick overview of the six main Product Life Cycle stages:

• The development stage
• The introduction stage
• The growth stage 
• The maturity stage
• The decline stage
• The withdrawal stage 

The main purpose of following PLC management is to oversee a product's journey from inception to decline. Adopting this process helps in making strategic decisions at each stage, ensuring the product remains profitable. 

The strategies implemented at each stage of PLC management enable businesses to make informed decisions, improve efficiency, and maintain customer loyalty. These factors are pivotal for the long-term sustainability of the brand.

With a basic understanding of the Product Life Cycle (PLC) in place, let's explore the concept of the International Product Life Cycle (IPLC).

International Product Life Cycle (IPLC)

The IPLC theory explains how products evolve in the global market and how production, marketing, and consumption patterns change over time.

Economist Raymond Vernon introduced IPLC in the 1960s to explain how products developed in advanced countries gradually move to developing countries as they evolve.

While IPLC and PLC are similar, they slightly vary from each other in the following ways.

Here is a breakdown of the International Product Life Cycle stages.

• Introduction stage

The product is introduced in a technologically advanced country and the production is kept within the home country to ensure quality control, manage intellectual property law, and refine the product design. The primary market is the home country, and exports are minimal at this stage.

Example: Products like smartphones and electric cars were introduced in advanced countries.

• Growth Stage

At this stage, the product will gain popularity in other developed countries, leading to a surge in exports. However, the product may face competition in other markets from similar products, and domestic production is still restricted to the home country.

Example: After initial success in the US, personal computers expanded to other high-income countries.

• Maturity Stage 

At this stage, the product has global acceptance but demand has stabilized in advanced economies. Companies often shift production to developing countries to maintain profitability. 

Example: Consumer electronics like TVs and smartphones are produced in developing countries like India and Vietnam to leverage lower costs.

• Saturation and Decline Stage 

The sales begin to decline as the product reaches market saturation in both developed and developing countries. Production is shifted completely to developing countries to maintain profitability in the face of decreasing sales.

Example: Products like DVD players experience a decline as advanced alternatives take over.

Let’s see how the Product Life Cycle (PLC) differs from the BCG Matrix.

Product Life Cycle vs. BCG Matrix

When you’re talking about Product Life Cycle, it is important to know the other alternative tools that can help you manage your products better. The Boston Consulting Group (BCG) Matrix is another strategic tool used in product and product portfolio management. 

While the Product Life Cycle explains the different stages a product goes through from its inception to its withdrawal from the market, the BCG matrix tool is used to analyze and manage a company’s portfolio of products or business units.

The following table details the differences between the product life cycle and the BCG matrix.

Now that you have a basic idea about PLC, let’s look at all the 6 stages a product goes through from start to finish.

What are the 6 Stages of the Product Life Cycle?

The six stages of the Product Life Cycle (PLC) offer a detailed framework for project managers to strategically navigate a product’s journey from inception to market exit. The insights at each stage are essential for planning, resource allocation, and challenge management. To understand each phase more clearly, we will also highlight product life cycle examples by looking at products in these stages.

Here’s a breakdown of how each stage contributes to effective project life cycle management.

You can explore in detail the various stages of the Product Life Cycle (PLC).

Development Stage

The development stage involves bringing a product concept to life. At this stage, the focus is on planning and creation, and the costs are high due to R&D activities. Sales are nonexistent at this stage. 

The project manager's role at the developmental stage is to track product development, collaborate with different teams, track milestones, and ensure that the project is on schedule and within budget.

Here are some examples of products in the development stage.

You can check the tips for improving products at the development stage of PLC.

• Develop multiple prototypes
• Customer trial for feedback
• Enhance communication between various teams

Here are some effective marketing strategies for you to improve the products at this stage.

Here are some essential points you must remember.

• You have to carry out thorough conceptualization and testing before introducing it to the market.
• Due to high initial costs and no revenue, you must have a robust financial plan and funding support.
• Develop prototypes to visualize the product and refine its features before launching.

Introduction Stage

At the introduction stage, the product is introduced to potential customers, and the company focuses on creating awareness and generating initial sales. Sales at this stage are low as the product has yet to gain demand.

As a project manager, you have to play the following role.

• Developing a detailed project plan and providing resources
• Assembling a team with the requisite skills
• Identify potential risks in the future and develop a mitigation strategy

You can check the following table to explore the examples of products in this state.

Here are some tips that can help you in the introduction stage.

• Analyze competitor’s products to understand your strengths and weaknesses.
• Use innovative marketing channels to reach your ideal customers.
• Efficiently manage your inventory to avoid stockouts or overstocking.

The following table contains strategies to help you succeed at this stage.

Here are some important points you must remember.

• Use advertising platforms like Google Ads and social media to target specific audiences.
• Develop a strong brand identity that resonates with your target audience.
• Select a supplier who is reliable and maintains quality standards.

Growth Stage

The growth stage of the product life cycle is characterized by rapid sales growth and increasing profits. Due to high sales, the company starts to reap the rewards of its initial investment. At this stage, the company may face competition from rival products.

The following is your role as a project manager at the growth stage.

• Increasing production to keep up with demand.
• Identify ways to improve the functionality of the product.
• Conduct research to identify new market segments and opportunities.

Here are some examples of products you can explore.

Here are some important tips for you to improve the product at this stage. 

• Add new features and functionalities to improve the user experience. 
• Add product variations to tap into new market segments.
• Build strong customer relationships through customer service.

You can check the table below for an effective market strategy.

Here are some important points you must remember to succeed at this stage.

• Improve product quality to ensure customer satisfaction
• Determine the brand's unique selling proposition (USP) and target audience.
• Set an initial low price to attract a large customer base.

Maturity Stage

At the maturity stage, the product reaches its peak sales, and the market is saturated. Competition intensifies, and sales growth slows down.

As a product manager, your role at this stage includes the following.

• Identify areas for improvement
• Look for opportunities to cut the cost of the product
• Identify potential risks in the future

Here are some examples of products in the maturity stage.

Check the following tips to improve the product at the maturity stage.

• Add new features or improve existing ones.
• Look to expand into new geographical areas
• Adjust prices to remain competent.
• Eliminate costly processes.

Here are some effective marketing strategies for this stage.

Here are some points you must remember at this stage.

• Offer personalized products or services to cater to individual needs.
• Ensure efficient operations and supply chain management as the product scales.
• Implement loyalty programs to reward loyal customers.

Saturation Stage

At the saturation stage, the product reaches its peak market penetration, and sales begin to plateau. In the future, sales will witness a decline due to increasing competition from rivals. You'll have to innovate to stay relevant. 

Your role as a product manager includes the following.

• Ensure the product continues to function optimally.
• Provide customer support to maintain customer satisfaction.
• Implement cost-saving measures to improve profitability. 

The following are examples of products at the saturation stage.

Here are some tips you need to follow to improve your product at this stage.

• Differentiate your products with new features and functionalities.
• Identify and tap new markets
• Implement loyalty programs to reward loyal customers

Echo the following marketing strategies for this stage.

Here are some points you must remember at this stage.

• To address declining sales, explore new distribution channels to reach more customers.
• Continuously innovate and introduce new products or features.
• Use data analytics to tailor marketing messages to individual customers.

Withdrawal Stage

At the withdrawal stage, the product's sales decline significantly, and it is no longer profitable to continue production and marketing.

Here’s the role of the product manager at this stage.

• Overseeing the liquidation of remaining inventory.
• Streamlining the supply chain to minimize costs.
• Ensuring that customers receive adequate support during the withdrawal process.

Here are some examples of products at this stage.

Follow these tips to handle the product at this stage.

• Gradually reduce production to minimize inventory.
• Reduce or eliminate marketing efforts.
• Reduce distribution channels.

Below are some effective marketing strategies you can adopt for this stage.

Here are some points you must remember at this stage.

• Communicate the decision to withdraw the product to all stakeholders
• Analyze the product's life cycle to get key insights.
• Continue to provide customer support to maintain brand reputation.

These product life cycle examples highlight how products evolve through each stage and why adapting strategies is essential

Are you interested in pursuing product management as a career option? Here are the Project Management top courses you need to study for becoming a successful product manager.

What Are the Pros and Cons of Using the Product Life Cycle Model?

Knowing how to manage your products can make or break success in any business. The Product Life Cycle (PLC) model guides you through each product phase, from its inception to its decline. But like any tool, it has strengths and weaknesses.

Here are some advantages and limitations of using the Product Life Cycle model.

Let’s explore some factors that can affect a product life cycle.

How Do Key Factors Influence a Product’s Life Cycle?

Understanding the factors that shape a product's life cycle is like possessing a map that guides you through unfamiliar terrain. This insight helps businesses decide how to improve their strategies and keep their products relevant.

Here are some important trends you must remember while designing your product life cycle.

• Market trends

Market trends shape how long a product remains in the spotlight. When consumers eagerly adopt new products, the life cycle tends to shorten due to market saturation. However, if a product takes longer to catch on, its life cycle might extend, indicating a need for patient nurturing.

• Customer preferences

Shifting customer preferences can make or break a product’s lifespan. For instance, a surge in popularity for trendy items can shorten the life cycle for more traditional goods. On the other hand, a consistent demand for durable goods can extend their life cycle. 

• Competition

A product's life cycle may be cut short due to the influx of competitors. During the maturity stage, the product has to differentiate through branding, strategic pricing, and enhancements to remain ahead of its competitors.

• Technological advancements

Technological advancements can eliminate older products due to consumers' changing tastes. Investing in research and development can help companies ensure that next-gen products are ready as older ones phase out.

• Prevalent economic conditions

Economic conditions like recessions can impact consumer purchasing power and affect product life cycles. Businesses with strong financial resilience can maintain a market presence despite challenging circumstances.

• Cost and Pricing

As a product matures, production and marketing costs typically decrease. Adapting pricing strategies to align with the product’s life cycle stage is crucial for sustaining market relevance and profitability.

• Availability of distribution channels

Effective and wide-reaching distribution channels ensure that a product can reach its audience. This availability is essential during the growth and maturity phases, keeping products accessible and supporting sales potential.

• Regulatory factors

Complying with market regulations is critical to avoiding legal pitfalls and maintaining market momentum. Being aware of potential regulatory changes ensures that a product's life cycle is smoothly cut short.

• Intellectual property protection

Securing intellectual property rights can protect a product from imitation, potentially increasing its life cycle. This not only safeguards market share but also reinforces a company's competitive edge.

• Supply chain stability

A stable supply chain guarantees consistent product availability and quality. Disruptions can hamper production and distribution, negatively impacting the product life cycle.

Now that you understand the product life cycle model, let's find ways to apply it in the real world.

When to Apply the Product Life Cycle Model?

The Product Life Cycle (PLC) model is a crucial tool that businesses can use at various stages of a product's journey. It helps to steer decisions in product development, marketing, and resource management. 

Here’s a quick guide on how you can use the Product Life Cycle effectively

• Time Product Launches: Introduce new products at the right time to capitalize on market opportunities. For example, launching top AI tools in the current situation can yield you higher profits.
• Optimize Marketing Strategies: Tailor marketing efforts to suit each stage, maximizing impact and minimizing costs. For instance, smartphone marketing at the introduction stage must differ from that at the mature stage.
• Allocate Resources Effectively: Allocate resources appropriately to support product development, marketing, and sales. Allocate funds based on the potential profits.
• Identify Potential Risks and Opportunities: Anticipate challenges and capitalize on emerging trends. If an opportunity opens, seize it before your rivals do.

Implementing the Product Life Cycle is not always straightforward. You can face the following constraints while using the product life cycle.

Constraints in Applying the Product Life Cycle

While the PLC model is helpful, it has its constraints. A major issue is the model's oversimplification of product dynamics, often failing to account for market unpredictability.

Here are some major constraints of the Product Life Cycle.

• Difficulty in Identifying the Exact Stage

Accurately pinpointing a product's lifecycle stage can be challenging. Sales trends alone may not clearly indicate a product’s stage.

Example: A temporary drop in sales can be mistaken for a transition to the Decline Stage.

• Oversimplification of Market Dynamics

The PLC model assumes that products move through a straightforward sequence of stages. However, this linear progression does not universally apply to products with varying demand patterns.

Example: Laundry detergent may remain in the Maturity Stage for decades.

• Not Suitable for All Product Types

The PLC model is more applicable to products with predictable lifecycle patterns, such as consumer electronics or fashion items. However, products with highly variable or unpredictable demand may not fit into the model’s structure.

Example: Luxury items like watches do not follow the PLC model because they maintain consistent demand.

• Ignores Competitive Actions

The model does not account for competitors' actions, such as price cuts, product improvements, or aggressive marketing.

Example: A competitor’s introduction of a superior product could force an established product into an early decline.

• Limited Strategic Guidance for Each Stage

The PLC model does not provide specific, actionable guidance tailored to different product categories. It can lead to generalized strategies that may not suit a product's unique context.

Example: The PLC model may recommend cutting marketing expenses, which is not suitable for a product having a niche following.

Want to master the art of product management? Enroll in upGrad's free product management course and learn the basics from industry experts.

What Is Product Life Cycle Management and What Are Its Phases?

Product Life Cycle Management (PLM) is a strategic approach to product management that helps organizations manage products throughout their life cycle. 

PLM interacts seamlessly with key business systems, including Customer Relationship Management (CRM), Supply Chain Management (SCM), and Enterprise Resource Planning (ERP), to enhance decision-making and streamline processes across departments.

Check the details below to understand the fundamentals of PLM.

• Centralized Data Management

It provides a single, reliable source of all product-related data and documentation. This streamlines access to data, minimizes errors, and ensures that all teams are aligned with the latest product information.

• Lifecycle Stages Integration

Manage and track the product through every stage of its lifecycle, from conception to decline. This improves efficiency, reduces delays, and helps anticipate and resolve issues at each stage.

• Cross-Functional Collaboration

It allows for seamless teamwork across engineering, manufacturing, marketing, and support teams. This can lead to faster problem-solving, improved product quality, and quicker innovation.

• Configuration and Change Management

Ensures that product modifications are tracked, approved, and implemented consistently across the organization. It reduces the risk of errors, controls production costs, and maintains product quality through authorized changes.

• Bill of Materials (BOM) Management

Maintain an accurate list of all components and materials used in a product. It reduces production errors and ensures consistency across production batches.

• Regulatory Compliance and Quality Management

Ensures that products meet industry standards, regulatory requirements, and quality benchmarks. It protects the brand’s reputation.

• Process standardization 

Implements standard processes to streamline product development, improve efficiency, and enhance control. Standardization reduces development time and ensures consistency in product quality and delivery.

• Analytics and Performance Monitoring

PLM systems track key metrics like time to market, defect rates, product costs, and production efficiency. Data-driven decision-making helps reduce development costs and optimize processes.

• Integration with Other Systems (ERP, CRM, SCM)

Ensures seamless communication and data flow between PLM and other enterprise systems. It improves resource planning and ensures that customer feedback directly influences product improvement.

The five cycles of PLM include the following.

• Conceptualization

In this phase, ideas are generated, market research is conducted, and feasibility studies are carried out to evaluate the product’s potential.

Example: Conceiving the idea of a smartphone.

• Design 

The engineering team uses concepts to create detailed specifications, CAD models, and prototypes, refining further based on testing and feedback.

Example: Building and testing smartphones to ensure design durability and functionality

•  Production 

This cycle involves sourcing materials, setting up manufacturing processes, and refining the production line for efficiency.

Example: Setting up assembly lines for smartphone manufacturing. 

• Service 

This cycle starts after manufacturing and involves packaging, logistics, and marketing efforts to reach the target customers.

Example: Shipping smartphones to retailers

• Disposal/Retirement

It focuses on after-sales service, customer support, and phasing the product out of the market as it reaches the end of its life.

Example: Offering support for older smartphone components.

Product life cycle management is carried out using different tools. You can check the table below to explore different software used for PLM.

Which Strategies Work Best for Managing the Product Life Cycle?

Effective management of the product life cycle is critical for maintaining competitive advantage and ensuring long-term profitability.

Implementing strategic actions, given below, can help companies extend the life cycle of their products effectively.

Introduce Enhanced Features and Services 

One effective strategy is introducing enhanced features and services. By continuously identifying opportunities to add new functionalities or variations, companies can meet evolving customer needs and differentiate their offerings from competitors.

Example: Carmaker Tesla has provided software updates to introduce new features and improve performance of their vehicles. 

Refresh Your Brand's Packaging 

Refreshing the brand's packaging is another strategy that can make a significant impact, particularly in the maturity stage when market saturation is high. Updated packaging can rejuvenate a product's appeal, helping it stand out from others.

Example: Ketchup maker Heinz used repackaging to appeal to the younger generation.

Explore Untapped Market Segments 

Another critical strategy is exploring untapped market segments. This can be done by expanding distribution channels and entering new geographical areas or demographic segments. 

Example: Vacuum cleaner manufacturer Dyson used PLM to tap into the hair care market.

Launch Impactful Marketing Campaigns 

Effective marketing campaigns are necessary at every stage of the product life cycle. They create awareness during the introduction stage, expand the customer base in the growth stage, and maintain market share in the maturity stage.

Example: Shoe manufacturer Nike used an innovative advertising campaign to rebrand its products.

Use Customer Feedback for Improvements 

Actively using customer feedback for improvements can prevent a product from becoming obsolete. By collecting and analyzing customer input, companies can make data-driven decisions that guide product design improvements, adding features that align with customer expectations.

Example: Boeing collects feedback from airlines, pilots, and passengers to improve its products.

Product Repositioning 

Product repositioning is particularly useful in the maturity or decline stages. When a product's sales begin to dip, repositioning it can breathe new life into its market presence by targeting a different demographic or highlighting a new use case.

Example: Hindustan Unilever repositioned Lux as a beauty soap to cater to a wider audience.

Why Understanding Product Life Cycle Is Valuable?

Understanding the Product Life Cycle (PLC) not only helps businesses navigate market complexities but also directly supports long-term success by providing a strategic framework. 

Check the reasons below to understand the importance of knowing the product life cycle.

• Resource Optimization and Profitability

The PLC enables businesses to allocate resources based on the needs of each stage, reducing wasteful expenditures. 

Example: Toyota pioneered the Lean Manufacturing system, emphasizing on efficient resource utilization.

• Innovation and Market Share Growth

Knowledge of the PLC helps companies proactively innovate by recognizing when a product is nearing maturity or decline. 

Example: Coca-Cola introduces variations (e.g., Coke Zero, Diet Coke) to appeal to new segments.

• Pricing Strategy Effectiveness

By refining pricing strategies at each stage, companies optimize revenue while managing customer expectations.

Example: Samsung employs a lifecycle-based pricing approach for its smartphones. New models are launched at premium prices. 

• Lifecycle Challenge Management

The PLC model helps businesses identify and prepare for typical challenges at each stage, such as slow initial sales, rising competition, or market saturation.

Example: Netflix transitioned to a streaming service model, investing heavily in technology infrastructure to support high-quality streaming worldwide.

Are you curious to know how the product life cycle will help you in marketing your product? Check the details below.

How Can the Product Life Cycle Help Marketers?

PLC is a valuable tool for marketers looking to sell their products. Understanding each stage can help marketers optimize resource allocation and make strategic decisions that maximize sales and profitability.

Here is a list of benefits offered by PLC to marketers.

• Build awareness of the product

Educate potential customers about the new product and build brand recognition. Advertising highlights the product’s unique benefits and generates excitement.

Example: Apple used high-impact advertising to educate potential customers on the iPhone’s unique features.

• Target early adopters

Capture the interest of tech-savvy customers willing to try new products. Offer trial programs to get customer feedback and improve the user experience.

Example: Tesla targeted early adopters for its electric vehicles by appealing to tech-savvy, environmentally conscious consumers. 

• Expand distribution network

Reach a broader audience by expanding from online-only to physical stores or partnering with major retailers. This can help you maximize accessibility and market penetration.

Example: Starbucks’ rapid expansion helped the brand grow into an international household name.

• Adjust pricing according to need

Adjust prices to capture different customer segments as the market matures and competition increases. Implement price skimming at the introduction, then lower prices in the maturity stage to appeal to budget-conscious customers.

Example: Amazon lowered the price of the Echo as the product matured, making it more accessible and affordable for the mass market.

• Emphasize important features

As competition intensifies in the maturity stage, reinforce the product’s value through unique features. Invest in product variations that address specific customer needs.

Example: Samsung promoted the Galaxy S series as a high-quality, performance-focused alternative to competitors like the iPhone.

• Reduce spending on declining products

Maximize profitability by minimizing expenses on a product nearing the end of its lifecycle. Limit advertising to essential channels, focusing on customer retention rather than acquisition.

Example: Microsoft reduced marketing and development expenditures for Windows XP, instead focusing on newer versions

• Clearance sale

Clear out remaining inventory as the product reaches the end of its life. Offer discounts to retailers or conduct direct-to-consumer clearance events to free up warehouse space.

Example: Best Buy frequently holds clearance sales on older electronics, especially when newer models are about to be released.

You can explore how product life cycle management can help your business succeed.

How Does the Product Life Cycle Support Business Success?

A PLC provides the necessary framework to understand and manage the stages of a product's life, from introduction to decline.

During the introduction and growth stages, the PLC adopts strategies to build awareness and capture market share, while in maturity, it shifts focus to maximizing profitability and maintaining customer loyalty. 

Similarly, in the decline stage, it helps reduce cost and prepares for product phase-out or reinvention. 

By aligning strategies with each phase, the PLC enables businesses to enhance profitability, stay competitive, and make informed decisions throughout a product’s lifecycle.

You can check the table below to understand how the product life cycle can help support business success. 

Also Read: Average Product Manager Salary in India

What Are the Important Considerations in Managing the Product Life Cycle?

Understanding the product life cycle is important for nurturing long-lasting success in the market. This enables businesses to strategically navigate each stage and leverage opportunities to succeed. 

Here, you can check these crucial considerations for managing the product life cycle.

• Impact of Innovation

Innovation serves as a lifeline throughout the product life cycle, keeping products relevant and competitive. However, companies must ensure that the new products do not compete with existing offerings.

• Stages Within an Industry

Each industry has unique life cycle stages influenced by technological advancements, consumer preferences, and market saturation. Understanding these specific dynamics helps companies successfully transition products from growth to maturity and beyond.

• Prolonging the Mature Stage

The maturity stage is often the most profitable, so extending it can reap profits for businesses. This can be achieved by diversifying the product line, reinforcing customer loyalty, and exploring untapped markets.

Let’s look at the brands that used product life cycle management effectively.

Below are the products that are going through or completed the Product Life Cycle.

Are you ready to level up your career? Enroll in upGrad’s comprehensive product management course and gain the skills to lead successful product initiatives.

How Can Product Life Cycle Management Open Up Career Opportunities?

Understanding Product Life Cycle (PLC) management can be a game-changer for both students and working professionals. With the job market valuing PLC expertise, possessing this knowledge can enhance your employability and open doors to numerous specialized roles.

Research indicates that the Product Life Cycle Management (PLM) market is expected to grow from USD 48.14 billion in 2024 to USD 78.33 billion by 2032, signaling a substantial increase in job opportunities within this sector.

Here are some potential career opportunities you can explore with product life cycle management.

Source: Glassdoor

Popular PLC Career Paths

If you’re looking to pursue a career in product life cycle management, here are some job roles you can explore.

Product Manager

Average Annual Salary: INR 22L

A product manager is responsible for the entire lifecycle of a product. In this role, you’ll bridge the gap between business needs and technical execution to ensure the success of the product.

Here is a list of qualifications you’ll need for this role.

• A bachelor’s degree in computer science, engineering, or a related field is preferred.
• A master's degree in a relevant field can be beneficial.

You’ll need the following skills to succeed.

• Knowledge of software development methodologies like Agile
• Expertise in data analysis tools like SQL
• Understanding of programming languages
• Soft skills like leadership

You can progress to the following career roles.

• Senior product manager
• Director of product management 
• Chief Product Officer (CPO)

Interested in building a career as a project manager? Enroll in upGrad’s free product management course to gain valuable insights from industry experts.

Brand Manager

Average Annual Salary: INR 12L

A brand manager is responsible for shaping and maintaining a brand's identity and reputation.

You’ll need the following qualifications for this role.

•  A bachelor's degree in marketing, business administration, or advertising,
• An MBA specialization in marketing can be beneficial.

You’ll require the following critical skills.

• Market expertise
• Analytical skills
• Experience in product management

You can progress to the following roles in the future.

• Senior brand manager
• Head of the brand
• Marketing Director

Also Read: Career Options after MBA

Market Research Analyst

Average Annual Salary: INR 5L

A market research analyst’s role is to gather, analyze, and interpret data to make data-driven market decisions.

You’ll need the below-listed qualifications for the role.

• A bachelor's degree in economics, statistics, marketing, or related fields.
• A master’s degree can be advantageous.

Here are the critical skills you’ll require.

• Expertise in statistical methods 
• Knowledge of data visualization tools like Tableau
• Problem-solving skills
• Understanding of data analysis software like SPSS

Your future career roles can include the following.

• Senior market research analyst
• Market research manager
• Business analyst

Did you know that digital marketing skills can open doors to high-paying jobs in the field? Start your journey with the MICA Digital Marketing Course and step into a rewarding marketing career.

Supply Chain Manager

Average Annual Salary: INR 16.5L

A supply chain manager oversees the entire supply chain process, from procuring raw materials to delivering finished goods to customers. 

You’ll need the following educational qualifications.

• A bachelor's degree in logistics, supply chain management, or business administration.
• Certificates like Certified Supply Chain Professional (CSCP) can be beneficial.

Here are some vital skills you’ll require.

• Strong data analysis skills
• Leadership skills
• Communication skills

Your future job roles can include the following.

• Senior Supply Chain Manager
• Director of Supply Chain
• Chief Operations Officer (COO)

Operations Manager

Average Annual Salary: INR 9L

An operations manager is responsible for overseeing an organization's day-to-day operations, ensuring smooth functioning, and driving efficiency.

You’ll require the following qualifications.

• A bachelor's degree in engineering, business administration, or a related field.
• Certifications like Lean Six Sigma or Project Management can be beneficial.

You’ll need the following skills for the role.

• Problem-solving skills
• Analytical skills
• Organizational skills

Your future job roles are listed below.

• Director of operations
• Vice President of operations
• Chief Operating Officer (COO)

Master the essentials of Supply Chain Management with upGrad's industry-leading course! Gain hands-on experience and unlock opportunities in a high-demand field. 

Conclusion

The product life cycle is a rollercoaster ride for any product. It starts with the thrill of launch, accelerates through growth, levels off at maturity, and eventually declines. Each stage presents unique challenges and opportunities, requiring careful navigation to ensure long-term success.

By mastering the art of the product life cycle, businesses can create products that captivate markets and stand the test of time.

Are you thinking about a Career in Product Lifecycle Management? UpGrad's expert career guides can help you navigate your path. Book a free one-to-one session now.

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References:

https://companiesmarketcap.com/mcdonald/revenue/
https://www.thedrum.com/news/2023/11/29/heinz-re-connecting-with-young-consumers
https://www.financialexpress.com/business/brandwagon-appliance-brand-dyson-entersbeauty-formulation-market-launches-two-hairstyling-products-says-more-to-come-3583955/
https://digitalagencynetwork.com/nike-digital-marketing-strategy/
https://hbswk.hbs.edu/item/why-boeings-problems-with-737-max-began-more-than-25-years-ago
https://www.hul.co.in/news/2024/know-the-science-behind-luxs-beauty-and-skincare-range/
https://www.marketresearchfuture.com/reports/product-life-cycle-management-market-2195
https://www.glassdoor.co.in/Salaries/manager-product-management-salary-SRCH_KO0,26.htm
https://www.glassdoor.co.in/Salaries/brand-manager-salary-SRCH_KO0,13.htm
https://www.glassdoor.co.in/Salaries/market-research-analyst-salary-SRCH_KO0,23.htm
https://www.glassdoor.co.in/Salaries/supply-chain-manager-salary-SRCH_KO0,20.htm
https://www.glassdoor.co.in/Salaries/operations-manager-salary-SRCH_KO0,18.htm
https://www.glassdoor.co.in/
https://www.glassdoor.co.in/Salaries/manager-product-management-salary-SRCH_KO0,26.htm
https://www.glassdoor.co.in/Salaries/brand-manager-salary-SRCH_KO0,13.htm
https://www.glassdoor.co.in/Salaries/market-research-analyst-salary-SRCH_KO0,23.htm
https://www.glassdoor.co.in/Salaries/supply-chain-manager-salary-SRCH_KO0,20.htm
https://www.glassdoor.co.in/Salaries/operations-manager-salary-SRCH_KO0,18.htm