Product Lifecycle Definition
Product lifecycle refers to the stages a new product goes through from concept through end-of-life. There are four stages in the product lifecycle including the introduction of the product, growth of the product, maturity of the product, and the decline in use or sales. The actual length, or elapsed time, of the product lifecycle varies based on product type, industry, competition, consumer demand, and other factors (e.g., the quality of a product). Product Lifecycle Management (PLM) solutions help manage the entire product lifecycle by providing a system to create, manage, review, approve, release, inactivate, and obsolete products.
