Product Life Institute

The Product Life Institute refers to the stages a product goes through from its creation to its removal from the market. These stages typically include development, introduction, growth, maturity, and decline. Understanding these phases helps businesses manage products effectively, make informed decisions about marketing, production, and investment, and respond to market changes. By analyzing a product's life cycle, companies can optimize profitability and develop strategies to extend a product's market presence or introduce new offerings as needed. This framework is crucial for sustainable business practices and long-term success.