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

For creatives, 'product-lifecycle' applies to design trends. A creative director might say, 'This design style is reaching its decline phase; it's time to explore fresh aesthetics.'

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.

Tech

Scenario:

Our software has been in the market for a while now. I think it might be a good time to consider introducing some upgrades and enhancements.

Response:

I agree, considering the advanced stage of our product-lifecycle, we should look into the upgrades.