What does the term 'product lifecycle' encompass?

The term 'product lifecycle' refers to the series of stages a product undergoes from its initial development to its eventual decline in the market. This concept emphasizes the journey a product takes, starting with concept and design, moving through introduction, growth, maturity, and finally to decline and discontinuation. Understanding these stages is crucial for product designers and marketers, as it helps in planning strategies for development, marketing, and managing the product throughout its life.

While discussions about various materials, marketing strategies, and financial aspects are important in the context of product development, they do not define the overall concept of the product lifecycle. Instead, they are components that can be influenced by or influence the stages of this lifecycle but do not encompass the lifecycle itself. The lifecycle model serves as a framework for understanding how products perform in the market over time and how businesses can adapt their strategies accordingly.