Product Lifecycle
From Open Risk Manual
Definition
Product Lifecycle is a Lifecycle specific to a product or product family. A product life cycle describes the period of time over which an item is developed, brought to market and eventually removed from the market.
Lifecycle Stages
A product cycle can be broken into various stages:
- introduction of a new product
- growth of market share
- maturity and stable provision
- decline and loss of market share to new products
- withdrawal from the market
The idea of the product life cycle is used in marketing to decide when it is appropriate to advertise, reduce prices, explore new markets or create new packaging.
