Product Lifecycle

The lifecycle of a product refers to the stages a product goes through from its conception to its retirement from the market. The product lifecycle typically includes the following stages:

It’s important to note that not all products follow the lifecycle stages in a linear fashion, and some products may skip stages or repeat stages depending on various factors such as market trends and consumer behavior. The product lifecycle is an important concept for companies to understand, as it helps them make informed decisions about product development, marketing, and resource allocation.

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