Definitions for "Product Life Cycle"
The complete life of a product, from early planning through sales build-up, maximum sales, declining sales, and withdrawal of the product. Product life cycle lengths and types can vary depending on the type of product, the frequency of replacement, and other factors.
A cycle that products experience throughout their life that consists of a conception stage, growth, maturity and decline; each part of the cycle calls for different materials management and distribution strategies; product life cycle can be as short as a few months as with fad items or as long as several decades.
The life cycle of a product from the day it is introduced onto the market until the day it is no longer sold (end phase). Several phases can be distinguished in a product life cycle: 1.) introductory phase; 2.) growth phase; 3.) maturity phase; 4.) saturation phase; 5.) decline phase and 6.) end phase.
time from product selection or conception, design and specification development, purchasing, manufacturing, packaging, delivery, warehousing, maintenance, repair and overhaul, through to use and disposal.