product-lifecycle

Vocabulary Word

Definition

The term 'product-lifecycle' is an important concept in business. It describes the stages a product goes through from creation to decline. It's almost like watching a movie about a product's life from the start to the end.

Examples in Different Contexts

In the business world, understanding the 'product-lifecycle' helps companies plan their strategies. A CEO might advise, 'Given our product is in its maturity stage, we should consider diversification or innovation to sustain growth.'

Practice Scenarios

Business

Scenario:

With the recent shifts in market dynamics, we might need to rethink our product's positioning. The preferences of our target audience seem to be evolving.

Response:

Based on the product-lifecycle, it does seem like we should begin rethinking our product strategy.

Design

Scenario:

We've been working with this design for some time. Let's consider how it fits into the broader needs of our product's sustainability.

Response:

Looking at the product-lifecycle, we might need to redesign the product to sustain it in the market.