How are products and product strategies developed over time?

"A product is a good, service, or idea, along with its perceived attributes and benefits, that creates value for the customer. The product life cycle is the pattern of sales and profits over time for a product or product category; it consists of an introductory stage, growth stage, maturity, and decline (and death). A product manager is the person who develops and implements a complete strategy and marketing program for a specific product or brand. Product strategy involves taking the good or service and selecting a brand name, packaging, colors, a warranty, accessories, and a service program. Promotion strategy is the unique combination of personal selling, traditional advertising, publicity, sales promotion, social media, and e-commerce to stimulate the target market to buy a product. It is sometimes referred to as the promotion mix. Psychographic segmentation is the differentiation of markets by personality or lifestyle. Reference groups are formal and informal groups that influence buyer behavior. Relationship marketing is a strategy that focuses on forging long-term partnerships with customers by offering value and providing customer satisfaction."