Description: The product life cycle refers to the series of stages a product goes through from conception to retirement from the market. This concept is fundamental in various disciplines, including project management, software development, and systems engineering. Each stage of the life cycle has specific characteristics and objectives, ranging from initial research and development, through introduction, growth, maturity, and finally, decline. Understanding the life cycle allows organizations to effectively plan and manage their resources, optimize product performance, and make informed decisions about its future. Additionally, the life cycle can vary in duration and complexity depending on the type of product and the market it is in. In the technology realm, for example, the life cycle includes phases such as planning, design, implementation, testing, deployment, and maintenance, ensuring the quality and functionality of the final product. In summary, the life cycle is an essential framework that guides the development and management of products throughout their existence.
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