What is the relationship between the development of new products and the product life cycle?

The development of new products and product life cycle are complicated, as companies and organizations are mostly based on the development of a new product based on the application of the Product Life Cycle Principles. The product life cycle is a business principle that defines the four phases through which the new product goes through. These phases include the initial phase or initial phase, followed by a growth phase and then a subsequent stage of maturity on the market. The last phase of the decline is the part that requires the development of a new product to replace the one that emerged its market value.

Connection between the development of new products and the product life cycle can be displayed from an angle of need to replace a product that has reached the end of its product life cycle with a new product. This process of replacing an old product may simply require an entire new product application, or it could only require upgrade of the old product. Deciding on an accurate approach depends on the recommendations of the new product development manager in accordance with the controlby the company.

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example of the application of the connection between the development of the new product and the product life cycle is seen in the case of smartphones. Some well -known smartphones companies apply the principle of developing new products and product life cycle to maintain a faithful consumer base that remains faithful to its products. When it releases a new smartphone, they allow it to go through the life cycle of a natural product, starting with the initial euphoria in which consumers receive the product and ends with an inevitable decrease in the product. The causes of the decline include intensive rivalry in the smartphone environment and constant innovation and new technician, which constantly replaces the old.

Where the phone has started a decline on the market, the company waits for a certain point in the decline process, as determined by the sale and completion, before the introduction of a newer version. A new smartphone can have an add -on in the formBetter screen resolution, more megapixels on the camera and larger screen size. In addition to the internal forces inside society, the exact time for the introduction is not constant, especially the external forces on the market. As such, the new smartphone can be introduced after a year, while another will be introduced after two years.