When businesses follow best practices for managing the lifecycle of a product or service, they usually apply a set formula or analysis to determine what’s working and what’s not.
But for associations, knowing the difference between a product or service that’s growing, maturing, or declining can be difficult, especially if the organization has a specific mission, a wide portfolio, and multiple stakeholders, including staff, volunteers, and members.
Classifying and managing the product life cycle can be much more art than science. But that doesn’t mean associations aren’t borrowing a few leading business practices from the for-profit sector.
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