Products

SurveyMonkey is built to handle every use case and need. Explore our product to learn how SurveyMonkey can work for you.

Get data-driven insights from a global leader in online surveys.

Integrate with 100+ apps and plug-ins to get more done.

Build and customize online forms to collect info and payments.

Create better surveys and spot insights quickly with built-in AI.

Purpose-built solutions for all of your market research needs.

Templates

Measure customer satisfaction and loyalty for your business.

Learn what makes customers happy and turn them into advocates.

Get actionable insights to improve the user experience.

Collect contact information from prospects, invitees, and more.

Easily collect and track RSVPs for your next event.

Find out what attendees want so that you can improve your next event.

Uncover insights to boost engagement and drive better results.

Get feedback from your attendees so you can run better meetings.

Use peer feedback to help improve employee performance.

Create better courses and improve teaching methods.

Learn how students rate the course material and its presentation.

Find out what your customers think about your new product ideas.

Resources

Best practices for using surveys and survey data

Our blog about surveys, tips for business, and more.

Tutorials and how to guides for using SurveyMonkey.

How top brands drive growth with SurveyMonkey.

Contact SalesLog in
Contact SalesLog in

The 5 stages of the product life cycle

Test your products before you bring them to market with SurveyMonkey concept testing.

Your marketing plan should include strategies to make the most out of each stage of your product life cycle. But before you can start formulating strategies, you need a clear understanding of the product life cycle stages, how to determine what stage your product is in, and how to use market research to inform your efforts throughout the life cycle. SurveyMonkey is here to help you with that.

The product life cycle is the progression of a product through 5 distinct stages—development, introduction, growth, maturity, and decline. The concept was developed by German economist Theodore Levitt, who published his Product Life Cycle model in the Harvard Business Review in 1965. We still use this model today.

Basically, the product life cycle is the time from the product concept through its eventual withdrawal from the market. The product life cycle is used for decision-making and strategy development throughout each stage.

Marketers use the product life cycle to customize messaging for each stage, using market research to guide their efforts. Managers use the product life cycle to make strategic decisions about pricing, expansion into new markets, packaging design, and more.

in-article-cta

Our Concept Testing solution helps you get ideas validated by a trusted audience in less than an hour.

There are many benefits to life cycle management. Your position in the cycle impacts everything from marketing strategy to profitability.

With product life cycle management, you can:

  • Make informed decisions based on the life cycle stage
  • Increase ROI on product launch
  • Increase company profitability
  • Proactively tweak your marketing messages to stay connected with targeted audiences
  • Maintain and improve product appeal, reputation, and customer loyalty

Those who don’t adequately manage a product life cycle will encounter consequences such as:

  • Failure of the product to meet its potential
  • Reduced shelf life
  • Excess inventory
  • Loss of profits
  • Early entry into the market decline stage

Market research plays an integral role in each stage of the product life cycle. Use the ultimate guide to market research developed by SurveyMonkey to help you understand how research is key in managing the life cycle of your product.

Every product spends a different amount of time in each stage—so there is no definitive timeline to reference. Each stage has its own costs, risks, and opportunities, and you’ll have to adapt your strategies depending on where you are in the life cycle. 

The first stage in the product life cycle is development. This is where your market research journey begins. Before your product hits the marketplace, you will be refining your concept, testing your product, and creating a launch strategy. Concept testing with real potential users is an important part of this step. With concept testing, you’ll know your target market’s reaction to your concept and make changes according to their feedback—before you’ve even begun to create.

During this initial phase, you’ll encounter a lot of costs without producing any income from this new product. You may be funding this stage yourself or you may be seeking investors. Either way, the risk is high and outsi