Product Lifecycle

The product lifecycle refers to the different stages that a product goes through from its inception to its discontinuation. In product management, it is crucial to understand and manage each phase effectively. The lifecycle typically consists of four stages: introduction, growth, maturity, and decline. Think of it like a human life cycle—your product starts as a newborn, grows, matures, and eventually reaches the end of its life. By understanding where your product is in its lifecycle, you can make informed decisions about strategy, updates, and potential new features.