What is Lifecycle?
The product lifecycle refers to the stages a product goes through from conception to retirement, encompassing development, launch, growth, maturity, and decline. Understanding the product lifecycle helps businesses plan strategies to maximize profitability and extend the product’s lifespan.
During the development stage, the product is conceptualized, designed, and tested. The launch stage involves introducing the product to the market, while the growth stage sees increased adoption and revenue. The maturity stage is characterized by market saturation, and the decline stage involves a decrease in sales and eventual retirement. By recognizing the unique challenges and opportunities at each stage, companies can make informed decisions to optimize product performance and sustain market relevance.