life cycle

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Life cycle

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

Industry Life Cycle

The period of time from the introduction of an industry to its decline and stagnation. Different analyses posit different stages of an industry life cycle (usually four to five), but all emphasize that an industry 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. An industry life cycle can be prolonged by several factors, including opening new markets to the product, finding new uses for the same product, or even attaining government subsidies. The concept of an industry life cycles applies most readily to the sale of goods and it is difficult to gauge how it works in a service economy.

life cycle

  1. the stage people have reached in their life, from single at home through young parents to solitary retired. See SOCIOECONOMIC GROUP, BUYER BEHAVIOUR.

life cycle

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

References in periodicals archive ?
Life cycle management itself is not a new concept, as the Air Force Logistics Command (now Materiel Command) history office so eloquently stated nearly 30 years ago:
Life cycle planning is a methodology that allows campuses to easily create multi-year plans for facilities renewal.
The product life cycle theory has been exposed to comparatively little reproach with very few writings contesting the assumptions it makes, although Mercer (1993a) emphasizes that substantiation of the concept has seemed surprisingly difficult to uncover.
What is the relationship of product mix, product popularity, and the life cycle of products to the marketing decisions of libraries?
SAND extends the product life cycle of Internet and storage networking platforms for up to ten years.
The functional extension of a highly modular and flexible SLM solution to the overall contract life cycle processes involved is an unprecedented approach which means a big leap forward for Sirius," says Ken Davis, COO of Sirius's North American operation Sirius Management Technologies, Inc.
Said Gupta, "In an industry faced with product life cycles 'on Internet Time,' and an insatiable demand for gigaflops and multimedia functionality at mass market prices, the opportunity for manufacturers to create the core functionality for unique, competitive, highly-differentiated, high-performance products - simply by writing or re-using software - is a Godsend.
Many of our customers are concerned about compressed product life cycles of the products they design into their systems," said Ed Kamins, president for Avnet Applied Computing.
Cathy Bueter, president of qualitative services at Answers, said because product life cycles are shortening market research can provide an unparalleled advantage.
Communications, consumer, and industrial applications use much smaller quantities of DRAM, but product life cycles for those applications can be as long as twenty years.
Specific work will include inspection programs and engineering work on high and low pressure air systems, cooling water systems for ship electronics, and power generation systems, as well as design engineering work to improve system life cycles.