Product Lifecycle Tracking

Product Lifecycle Tracking refers to the process of monitoring and analyzing a product's journey from its initial concept to its eventual decline. It includes stages such as development, introduction, growth, maturity, and decline. By tracking these stages, businesses can make informed decisions about marketing strategies, production, and innovation. This enables companies to optimize resource allocation, respond to market changes, and extend a product's life by adapting to consumer needs. Ultimately, effective product lifecycle tracking helps organizations maximize profitability and maintain competitive advantage.