Abstract: Method and arrangement for managing a product strategy over a period of time spanning one or more generations. The method considers people's lifestyle, life stage, generational belonging, and product characteristics in order to predict necessary changes of product requirements for one or more target groups. The arrangement includes a data processing system having a computer processing means for processing data and a storage means for storing data on a storage medium. Input data includes demographic data, as well as current and predicted product requirement data for selected lifestyles and life stages. By processing and correlating the data, a product specification is obtained that determines a product strategy for the product or products in question. The invention also relates to a method for managing a product strategy using said processing system.