Product life cycle

Relevant to business models that rely on selling a product or service that can only be sold once, the product life cycle describes each stage that the product goes through, from beginning to end. Understanding these stages allows you to identify where your product is currently positioned regarding its profitability so that you can anticipate upcoming sales and prepare to take action for when sales and profit start to decline.

Product life cycle

Figure 3.3: The stages of the product life cycle in relation to time, profit and loss.

Development

The first stage of the product life cycle is the development of the product. As indicated in Figure 3.3, the ...

Get Going IT Alone: The Handbook for Freelance and Contract Software Developers now with O’Reilly online learning.

O’Reilly members experience live online training, plus books, videos, and digital content from 200+ publishers.