What is the Product Life Cycle?
The Product Life Cycle is a concept in marketing that describes the stages a product goes through from its introduction to the market until its decline and eventual withdrawal. The Product Life Cycle consists of six stages. Each stage has distinct characteristics, strategies, and challenges that businesses must navigate to effectively manage their products and maximize their lifecycle value. It has six stages as follows:
- Initiation: This step targets collecting and recording business needs before the product begins, ensuring a clear understanding of the product’s functionalities according to the user.
- Planning: This step includes the creation of a list of all the requirements, its procedure of execution, etc.
- Development: It includes the designing part and the coding part for the development of the product.
- Testing: It includes testing of the product in various phases like unit testing, system testing, etc.
- Deployment: The product is now ready to get handed over to the user for a final check.
- Maintenance: This phase includes all the maintenance tasks and changes of versions on updation.
Difference between Product life cycle and Project life cycle
The article explores the fundamental differences between the product life cycle and project life cycle, important concepts in business, and project management. It delves into how the product life cycle represents the stages a product goes through from development to decline, while the project life cycle contains the phases of a project from initiation to closure, highlighting their distinct purposes, timelines, and management strategies.
Table of Content
- What is the Product Life Cycle?
- What is Project Life Cycle?
- Difference between Product life cycle and Project Life Cycle
- Conclusion
- FAQs