Product Lifecycle is the process of a product's development, from its introduction to the market to its eventual removal.

Product Lifecycle is a concept used in Product Management to describe the stages a product goes through from its conception to its eventual retirement. It is an important tool for product managers to understand the different phases of a product’s life and how to best manage it. The Product Lifecycle consists of four main stages: 1. Idea Generation: This is the initial stage of the lifecycle where ideas are generated and evaluated for potential development. During this stage, product managers will assess customer needs, market trends, and competitive landscape to determine if there is a viable opportunity for a new product or service. 2. Development: Once an idea has been identified as viable, it moves into the development stage where the product or service is designed and built. During this stage, product managers will work with engineers and designers to create prototypes and test them with customers. 3. Launch: After successful testing, the product or service is ready for launch. During this stage, product managers will focus on marketing activities such as advertising campaigns, pricing strategies, and distribution channels in order to get the word out about their new offering. 4. Retirement: Eventually all products reach their end-of-life cycle when they are no longer profitable or relevant in the market place. At this point, product managers will need to decide whether to discontinue the offering or find ways to extend its life cycle by introducing new features or services that can help keep it relevant in the market place. Product Lifecycle management is an important part of any successful Product Manager’s job as it helps them understand how their products fit into the overall market landscape and how best to manage them throughout their life cycles in order to maximize profits and customer satisfaction.

1. Automobile: The product lifecycle of an automobile begins with the design and development phase, followed by the production and launch phase. After launch, the product enters the growth phase, where sales increase and profits begin to rise. This is followed by the maturity phase, where sales plateau and competition increases. Finally, the product enters the decline phase as newer models are released and sales begin to decrease. 2. Smartphone: The product lifecycle of a smartphone begins with research and development, followed by production and launch. After launch, the product enters the growth phase as sales increase and profits begin to rise. This is followed by the maturity phase, where sales plateau as competition increases. Finally, the product enters the decline phase as newer models are released and sales begin to decrease.