Product life cycle - definition & application
Product life cycle explained clearly: definition, application in practice and significance for digital strategies & transformation.
Definition: Product life cycle
Product life cycle is a central term in the context of digitalization, management consulting or innovation. It describes a method, a model, a technical concept or a strategic approach that plays an important role in practice.
What is the product life cycle about?
The product life cycle helps companies to master complex challenges, optimize processes, develop new business models or implement innovations in a structured manner. The term is often used in digital transformation projects.
Typical areas of application
- Consulting & strategy development
- Technology & process projects
- Organizational Development & Change
- Agile product development & IT
Why is product life cycle relevant?
Because the product life cycle as a concept helps to structure complex issues, create decision-making certainty or derive concrete implementation steps.
Example from practice
One company used product lifecycles to identify specific digital potential and develop an MVP from this, which was later scaled up.
FAQ
What does product life cycle mean?
A concise explanation: Product life cycle describes a strategic, methodical or technical approach to digital innovation or efficiency improvement.
Where is product life cycle used?
In transformation projects, product development, process optimization, change management or strategy work.
Why should you know the product life cycle?
Because it is a central element of modern corporate management - and often forms the basis for digital progress.
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