Understanding the product lifecycle

In many cases, the product lifecycle is still not a very clear and exact concept. The lifecycle concept can be seen from a number of different aspects and understood in many different ways depending on the frame of reference of the persons defining it. Another very important point here is that the lifecycle status of product information is a completely different thing from the lifecycle model of a product. In relation to the product information lifecycle, a more appropriate term would be the status or phase of the product information. (The basic principles of product information status handling are described in more detail in chapter 3.)

In this chapter, we will examine the most important viewpoints of the product lifecycle and see why a clear and exact definition of lifecycle concept is important for steering business.