The product manager’s role at each stage of the product lifecycle

The product lifecycle encompasses the stages a product experiences from development through market introduction, growth, maturity, and eventual decline, with each phase demanding different strategies and roles from the product manager. During the development stage, the product manager focuses on ideation, testing, and understanding customer needs to create a market-ready product. When introducing the product, the manager collaborates with various teams to educate potential users and establish the product's market fit. As the product grows, the manager works to maximize market share and revenue while maintaining customer satisfaction. In the maturity phase, efforts shift to retaining market position and finding new growth opportunities, whereas the decline phase involves strategies to either rejuvenate the product or manage its exit smoothly. Throughout these stages, the product manager must consistently evaluate key performance metrics and adapt strategies to steer the product effectively.