" Requirements" and " product life cycle" are two very important concepts in product management. As a product manager, a large part of the work is carried out around them, but in our daily work, we are always used to independently Look at and carry out these two tasks, but in fact, there is a close connection between these two tasks. Today, we will discuss the relationship between the two together.
Before starting the discussion, let's briefly review the concept of the product life cycle. Usually, we call the entire process of a product from market entry to delisting as the product life cycle, which generally includes four stages: introduction period, growth period, and maturity For each cycle, we will adopt different product strategies to deal with products of different cycles.
In fact, in the final analysis, product life cycle management is to judge each cycle and formulate corresponding strategies. At the same time, we also know that requirement management runs through the entire process of the product. Therefore, there must be a requirement phase and a product life cycle phase. The connected part, then, now the key question has arisen, how do we judge this connection.
Let's look at an example first.
However, with the continuous development of LED color TV technology and the continuous reduction of costs, in just a few years, LED color TVs have gradually become "cabbageized", and consumers have more and more choices. At this stage, If consumers want to buy such products, they need to think carefully and study more before they can make a final decision.
Continued with the popularization of LED color TVs and the continuous improvement of performance indicators, consumers who bought these products in the early stage began to have upgrade requirements, and they would purchase new products based on their early purchase experience and preferences.
However, with the development of color TV technology and consumers’ new expectations for the viewing experience, consumers have begun to look for new color TVs in the market. This has led to a cycle of LED color TVs replacing LCD color TVs, but now it is a new color TV technology, such as 3D color TV began to replace ordinary LED color TV.
For this example, we first analyze from the perspective of the product life cycle.
When LED color TVs just entered the market, it was the introduction period of the product life cycle. With the development of LED color TVs, they began to enter the growth period, followed by large-scale popularization, began to enter the mature period, and finally entered the decline period. Of course, it cannot be said that LED has entered a period of decline.
So, how does the requirement change in this process?
Looking at the introduction period first, we can see that at this stage, consumers have new viewing expectations for the deficiencies of LCD color TVs, but consumers are not clear about which indicators are included, but color TV companies are launching LEDs After color TVs, they used energy-saving, green, and high-definition as selling points to attract some original LCD color TVs and consumers who bought new ones.
At this time, consumers only have vague needs in their minds, hoping to improve the viewing experience. Such needs have no clear preferences but are only for improving the existing user experience. Therefore, such needs are called "primary requirement".
With the development of technology and the reduction of costs, more and more companies have entered this market, and consumers have begun to pay attention to these products. Therefore, for consumers, if they want to buy such products, they should be in the market. You can have more choices. At the same time, companies will continue to introduce new varieties and models to meet the diverse needs of consumers, continuously improve performance indicators, and continuously reduce production costs. At this stage, this type of requirement is called a " Selective requirement".
With the popularization of LED color TVs, early buyers began to have the need for replacement. At this time, they will make choices based on their early purchase experience and brand preferences. The needs at this stage are called "repetitive needs.".
Similarly, as consumers' requirement for viewing continues to increase, naturally, new requirements will emerge.
To briefly summarize the relationship between "requirement" and "product life cycle".
In the introduction period of the product life cycle, the consumer requirement is "primary requirement";
During the growth period of the product life cycle, the consumer requirement is "selective requirement";
In the mature stage of the product life cycle, consumers' requirements are "repetitive requirements";
In the recession period of the product life cycle, the consumer requirement is a "new requirement."
This kind of change in requirement at different stages of the product life cycle is especially obvious in the FMCG industry. So, what is the meaning of knowing the relationship between the two for real work?
Of course, we know that the biggest difficulty in product lifecycle management is to determine in advance which stage the product is going to enter. The indicators currently used in the evaluation of the stage include "sales; growth rate; unit cost; user purchase intention; competition. Situation; dealer willingness; profit prospects". If we know the relationship between requirement and product life cycle stage, then we can use it as another indicator to evaluate the product life cycle stage from the perspective of requirement changes. , And product managers should be very sensitive to changes in requirements.
Similarly, we can also use the assessment of product life cycle as a tool to measure changes in the requirement, from the changes in product life cycle stages to assess changes and types of requirement.
In fact, in product management, not only is there a connection between the two tasks of the product life cycle and requirement, but many tasks are connected. As a product manager, if you can find the connection between these tasks, and form A cooperative working relationship, then, will be of great benefit to our actual work.