Products or services, are very similar to human beings in that they have cycles in their life span. You have the birth or introduction stage, growth, maturity and then decline.
We need to understand each stage the offering is in to manage the full benefit of it.
One thing to be careful of is to not always believe that because a brand has been around awhile that it is in its mature or declining stage.
Take Viagra for example. What stage do you think it's in? Do you think that because people write books on things are going at the speed of light, that it means you have to bounce from product to product or service to service in some type of entrepreneurial ADD?
Will Viagra be around for a long time. What would determine if it's in a mature or declining stage?
The biggest issue in managing what we offer to consumers, is identifying accurately what stage the product or service is in. Don't let the fad chasers talk you out of where things really are.
The measure of the shelf life of what we offer isn't how long its been around, but if it's still being consumed at certain levels.
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