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Definition of 'Product Life Cycle'
The period of time over which an item is developed, brought to market and eventually removed from the market. First, the idea for a product undergoes research and development. If the idea is determined to be feasible and potentially profitable, the product will be produced, marketed and rolled out. Assuming the product becomes successful, its production will grow until the product becomes widely available. Eventually, demand for the product will decline and it will become obsolete.
http://www.investopedia.com/terms/p/product-life-cycle.asp
| 13 years ago. Rating: 7 | |
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