Whether you have realized it yet or not the product you are selling today may be obsolete tomorrow. That is why you need to be familiar with the four phases of the product life cycle because eventually you may need a new product or an updated product for your company to survive the downfall of what you are selling today.
The four phases of the product lifecycle are conceive, design, realize, and service. These are the steps that you must take to manage a product from beginning to end. Now not all products have an end but most at least need an update. Whether we’re talking about computer software, cars, furniture, appliances, or mops. Most products have a start and a finish.