life cycle

Life cycle

The lifetime of a product or business, from its creation to its demise or transformation.

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Life Cycle

The period of time from the introduction of a product to its decline and stagnation. Different analyses posit different stages of a life cycle (usually four to five), but all emphasize that a product has a beginning, with technological innovation; a period of rapid growth; maturity and consolidation; and, finally, decline and possibly death. For example, in the video cassette recording (VCR) industry, the mid-1970s were a period of decentralized technological innovation, with VHS and Betamax formats vying for dominance. Later, video cassettes very quickly became a common household item. In the maturity phase, different companies selling VCRs attempted to corner a greater market share for their own (identical) versions of the product. Finally, the industry declined and was eventually supplanted by DVD players. Factors that may prolong a life cycle include the opening of new markets, the discovery of new uses for the same product, or even the attainment of government subsidies. The concept of product life cycles applies most readily to the sale of goods, and it is difficult to gauge how it works in a service economy.

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life cycle

The various phases of a project—predevelopment, development, leasing, operating, and rehabilitation.