Course Description
Product managers are advocates for both their product and their consumers’ needs. It’s a tough balancing act to make sure that a product is moving through the product life cycle efficiently and profitably while also monitoring its success in meeting customers’ demands. Sometimes changes in customers’ opinions and needs alter the planned trajectory of a product or how the product is marketed. Being ready to handle these types of changes requires a solid understanding of the stages of a product’s life cycle, the use of data to determine where your product is in its cycle and to predict its movement to the next stage, changing marketing tactics for each stage of a product’s life, realizing the role of branding in a product’s success, and maintaining support for your product and any alterations throughout the life cycle.
These lessons on Product Life Cycle Management will help you manage your product’s stages by explaining what product life cycle management is and what its goals are. You’ll learn how to recognize shifts in your product’s life cycle using available tools and monitoring key metrics. You’ll also learn how to avoid pitfalls by using best practices, and you’ll discover the value of regular communication, targeted marketing, and consistent branding to keep your stakeholders and customers engaged.
Learning Objectives:
- Understand the role and goals of product life cycle management
- Learn how to use the correct metrics and tools to recognize and predict shifts in a product’s life cycle
- Apply best practices to avoid common challenges of product life cycle management
- Recognize the importance of communication, marketing, and branding in keeping stakeholders engaged
What You'll Learn
- Understand the role and goals of product life cycle management
- Use the correct metrics and tools to recognize and predict shifts in a product's life cycle
- Apply best practices to avoid common challenges of product life cycle management
- Recognize the importance of communication, marketing, and branding in keeping stakeholders engaged
- Adapt marketing tactics and strategic planning for each stage of a product's life
- Maintain support for your product and its alterations throughout the life cycle
Key Takeaways
- Product managers must balance moving a product through its life cycle efficiently and profitably while monitoring how well it meets customer demands.
- Shifts in customers' opinions and needs can alter a product's planned trajectory and how it is marketed.
- Data can be used to determine where a product is in its cycle and to predict its movement to the next stage.
- Regular communication, targeted marketing, and consistent branding help keep stakeholders and customers engaged.
- Marketing tactics should change to suit each stage of a product's life.
Frequently Asked Questions
Who is this course for?
It is designed for product managers, who act as advocates for both their product and their consumers' needs while managing a product through its life cycle.
What does this course cover?
It explains what product life cycle management is and its goals, how to recognize shifts in a product's life cycle using available tools and key metrics, how to avoid pitfalls with best practices, and the value of communication, targeted marketing, and consistent branding.
What skills will I gain from this course?
You will learn to understand the role and goals of product life cycle management, use the correct metrics and tools to recognize and predict shifts in a product's life cycle, apply best practices to avoid common challenges, and recognize the importance of communication, marketing, and branding in keeping stakeholders engaged.
What topics are included in the lessons?
The lessons cover an Introduction, Introduction to Product Life Cycle Management, Strategic Planning, Branding and Marketing, Tools and Technologies, Challenges, Best Practices, and a Test Your Knowledge assessment.
