All products or services created or provided by your business have a life cycle. This is the period that runs from the initial idea and development of a product to its withdrawal from the market and beyond. Read about how to understand the impact of goods and services across their life cycle in our guide on ecodesign for goods and services.
There are several Government or affiliated organisations who offer a range of products and services that can help your business with design, innovation, intellectual property, measurement and standards needs.
Depending on the type of product or service you launch, the length of a product's life cycle will vary substantially. For example, a fashionable item may have a life cycle of only a few months, whereas an everyday item may have one lasting years.
A product's marketplace life cycle typically goes through the following main stages:
To understand more about the levels of revenue generated at different stages of a product's life cycle, see our example product life cycle curve below.
When developing a new product or service you should assess the following key points:
You need to think about how each of these will affect the various areas of your profitability.