What is a Product Lifecycle?

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.

FAQs

What are the 5 stages of the product life cycle?

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What is product life cycle with example?

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What is product life cycle characteristics?

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