Understanding the Stages of the Product Life Cycle

Abstract

Originally formulated in the context of biological studies, the Life cycle (LC) concept was and now has become widely adopted as a framework for the interpretation and evaluation of phenomena that are subject to, and bound by the inevitability of change. The application of the LC concept to the development of industrial products is an important element in the administration of technological innovation. On this basis, therefore, it is referred to as the product life cycle (PLC). The concept of the PLC is used to support decision making in the management of product development. It may also be used in corporate strategy development, as well as the planning of activities and can be adapted to focus on technology deployment.