All products or services that your business offers will change throughout their life cycle. A product life cycle is the period that begins with the initial idea for the development of a product or service to the eventual withdrawal of that product from the market.
There are several stages involved in developing, selling and using a product. By better understanding them, you can increase the profitability, interest and demand for your product or service.
This guide explains the various stages involved in a life cycle. It also covers how you can increase your profits, generate increased interest, and the ideal time to start developing and bringing a new idea to the market. There's also information on life cycle analysis and understanding the environmental impact of your product throughout the different stages of its lifecycle.