What is Product Lifecycle ?
The product life cycle is a process that a product goes through over its lifetime. It starts from the beginning of the product's existence and ends when it is discontinued.
The lifecycle of a product can be categorized into four stages - start-up, growth, maturity, and decline. The start-up stage is where the idea for the product/service is formed. The growth stage refers to when the company begins to generate revenue from the sale of its products/services.
During this time, they are expanding their market reach and increasing their customer base. Finally, in the maturity stage, they are focusing on research and development while trying to maintain or increase their market share or customer base. In this stage, they might even be looking at new ways to expand their business or enter new markets altogether.
Frequently Asked Questions For Product Lifecycle
What does the lifecycle of a product mean?
The lifecycle of a product means the stages a product goes through. A company can have more than one lifecycle. For example, an iPhone can be considered one product, but it is also part of another lifecycle.
What are the steps of a product life cycle?
The product lifecycle is creating a product from its initial idea to its launch. At every stage, three main factors play an important role in the lifecycle:
1. Planning - Outline and outline the product’s features and benefits
2. Design - Create a visual design for the product
3. Development - Develop and test the product
Why product lifecycle is important?
Product lifecycle is the stage where products are being developed and marketed. It’s an essential part of the business cycle because it determines how long a product will last, how many times it will be bought, and how much money companies need to spend on marketing.