Product life cycle
All products or services that your business offers will change throughout their life. This concept is known as the product life cycle.
Typical stages of a product life cycle include development, introduction, growth and maturity, and decline, ending with the product's eventual withdrawal from the market. By better understanding these different stages, you can increase the profitability, interest and demand for your product or service.
This guide explains the key stages of a product life cycle and outlines what the objectives and strategies for each one should be. It also introduces the concept of product life cycle management, including tools, systems, and the substantial benefits it can bring to your business.