Watch the video “Are You Sitting on a Million Dollar Idea?” from the LEARN section this week. Instead of creating a new or revamped product for this discussion (after all, you have already created your own hypothetical business), you will analyze the lifecycle of an existing product. The chart on page 155 of the ebook will be helpful.
Choose a product that has been on the market for a few years and describe how the product has evolved throughout its lifecycle. Describe the basic product in the introductory stage of the lifecycle. How did that product evolve in its growth phase – were new features added, for example? When the product reached the maturity phase of the lifecycle, how did the product continue to evolve – were additional brand extensions created, for example? Finally, if the product has reached the decline stage, how would you now describe the product?
Feel free to create your own video to help in your discussion of this product’s lifecycle. You are welcome to create a video, but you DO NOT have to create a video. A written discussion is acceptable.
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